New buyers on standby for British Steel if Jingye deal falls through December 8, 2019 Business secretary Andrea Leadsom has reassured the steel industry that back-up buyers are ready to swoop in for British Steel should Chinese firm Jingye’s deal fall through. Last month the Insolvency Service confirmed that Jingye would purchase British Steel’s Scunthorpe plant, along with its Teeside and French assets, for £50m, in a move that will [...]
Ex-Addison Lee chief races to secure rescue deal December 8, 2019 The former chief executive of minicab operator Addison Lee is scrambling to secure a rescue deal for the firm. Liam Griffin, who stepped down as chief executive in 2015 but remained on the board as vice-chairman, has approached investment funds to back his £125m takeover of the firm, Sky News reported. Read more: Cerberus mulls [...]
Construction disputes rise as Carillion fallout continues to hurt industry December 5, 2019 The number of construction disputes in the High Court has increased in the last year, as contractors struggle with tougher trading conditions, according to research. The UK’s specialist Technology & Construction Court (TCC) heard 397 construction related disputes in the year ending 30 June, the third consecutive annual rise. Read more: Reforming public procurement can [...]
Two lessons from the underperformance of alternative energy December 4, 2019 Renewable energy is playing an ever-greater part in the mix of energy we use to power our daily lives. Potential investors in the sector may assume that it’s too late to get involved. Surely the best returns from companies exposed to the energy transition have already been made by now? Investors making that assumption may [...]
Intu sells retail park to New River REIT for £40m November 25, 2019 Retail landlord Intu has sold a Northern Ireland retail park to property investment trust New River REIT for £40m. The sale of Sprucefield Retail Park in Lisburn brings Intu’s year-to-date disposals total to £268m, as the shopping centre operator aims to fix its balance sheet. Read more: New River REIT swings to a loss on [...]
All Bar One owner Mitchells & Butlers cheers rise in profit amid food and drink demand November 20, 2019 All Bar One owner Mitchells & Butlers has toasted a rise in full-year profit as rising appetite for its food and drinks offset fears of a slowdown in the casual dining sector. Shares in the firm jumped seven per cent in early morning trading. Read more: UK retail sales unexpectedly fall as economy slows The [...]
Number of manufacturing companies going bust at highest level in five years November 18, 2019 The number of manufacturing businesses entering insolvency has reached its highest level in five years in the last 12 months, rising 7 per cent to 1,466 from 1,373 in the previous year. Research from global accountancy firm Moore found that a combination of uncertainty over Brexit and a slowdown across Europe was responsible for the [...]
Easyjet prepares to take more Thomas Cook market share via package holiday business November 11, 2019 Easyjet is gearing up to reveal the details of its upcoming package holiday subsidiary, as the industry scrambles to fill the gap in the market left after the collapse of Thomas Cook. The low cost carrier, which reports its full-year financial results next week, will relaunch the package holiday business, Easyjet Holidays, before Christmas, but [...]
British Steel: China’s Jingye Group promises to save ‘thousands’ of jobs in £50m deal November 11, 2019 The future of troubled industrial firm British Steel has taken a step closer to being secured through a £50m rescue deal by Chinese conglomerate Jingye, in a move it is hoped will save about 4,000 jobs. The Insolvency Service confirmed the deal this afternoon, which involves Jingye buying British Steel’s Scunthorpe plant, as well as [...]
Mamas & Papas to shutter stores in pre-pack administration deal November 8, 2019 Maternity retailer Mamas & Papas has called in administrators in order to shutter loss-making stores just days after the collapse of rival firm Mothercare. Bluegem Capital, the owner of Mamas & Papas since 2014, has regained control through a pre-pack administration – an insolvency procedure – which has allowed the retailer to close six unprofitable [...]