FSCS says it is ‘too early to predict’ London Capital & Finance compensation levels January 16, 2020 The financial services lifeboat said today it was “too early to predict” how much it would have to pay out in compensation to investors in collapsed mini-bond firm London Capital & Finance (LCF). Last week, the Financial Services Compensation Scheme (FSCS) said it would protect 159 LCF bondholders who switched from stocks and shares ISAs [...]
Aviva Investors buys Docklands hotel site for £106m January 15, 2020 Aviva Investors’ Lime Property Fund has bought a £106m hotel development site near Canary Wharf. The asset management arm of Aviva has acquired the freehold interest in the site next to Westferry DLR station, where developer Rockwell will build a 30-storey Premier Inn Hotel. Read more: London luxury hotel market booms Whitbread, the owner of [...]
Flybe ‘near collapse’: What do we know so far? January 13, 2020 Flybe, the biggest regional airline in Europe, is said to be on the brink of collapse. Sky News reports the carrier is engaged in a frantic bid for emergency funding, and the government is also said to be involved in the talks – which come just four months after Thomas Cook went bust in late [...]
UK SMEs chasing £50bn in late payments January 9, 2020 Small and medium sized businesses (SMEs) across the UK are chasing a combined £50bn in late payments. New research from digital banking platform Tide reveals that the average UK SME is chasing five outstanding invoices at once, wasting an hour and a half every day. Read more: HMRC collects £4.4bn from SMEs through investigation of [...]
Chilango CVA: Creditors back rescue plan for struggling burrito chain January 6, 2020 Chilango’s creditors and shareholders have backed a rescue package to keep the struggling Mexican restaurant chain afloat, paving the way for the company to slash rents and exit some leases. Chilango launched a company voluntary arrangement (CVA) in early December, which was first reported by City A.M., in a bid to avoid administration. Read more: [...]
UK hotel insolvencies hit five-year high in 2019 January 6, 2020 UK hotel insolvencies hit their highest levels in five years in 2019, rising 60 per cent year on year to hit 144. According to accountants UHY Hacker Young, the slowing UK economy is to blame for the rise, as businesses have been forced to cut back on conferences and corporate away days, a key source [...]
Steel industry urges government not to shelve HS2 December 29, 2019 The UK’s steelmakers have urged the government to complete HS2 to boost the struggling sector. The rail project – which would link London, the Midlands and the north – is expected to use 2m tonnes of steel if it goes ahead. Read more: Election 2019: Boris Johnson raises red flag over Heathrow expansion and HS2 [...]
Watchdog extends Thomas Cook probe December 19, 2019 The UK’s accounting watchdog is extending its investigation into the collapse of travel operator Thomas Cook. The Financial Reporting Council (FRC) announced a probe into EY’s audit of Thomas Cook’s financial statements for the year ended 30 September 2018 following the company’s collapse earlier this year. Read more: Thomas Cook went bust with liabilities of [...]
Book closes on bargain retailer amid fierce competition December 17, 2019 The Book People, one of the UK’s largest booksellers, has been forced into administration in the run up to Christmas. PwC has been appointed to manage the insolvency process, Sky News reported. Read more: Amazon’s Deliveroo investment raises competition concerns, watchdog finds The accountancy firm was handling an auction for the bookseller, as its private [...]
Why high street discounts are a dangerous drug December 17, 2019 Retailers love to brag about breaking records, but one they won’t be cheering this Christmas is the prediction that price cuts could potentially top 50 per cent for the first time ever. Amid a fierce fight to woo last-minute shoppers into their stores, high street chains are once again turning to a festive sales bonanza [...]