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 [...]
Jet2 buys Thomas Cook’s slots at Stansted, Manchester and Birmingham airports November 8, 2019 Budget airline Jet2 has snapped up Thomas Cook’s airport slots at Stansted, Manchester and Birmingham, the collapsed travel company’s liquidators confirmed today. The official receivers did not reveal how much Jet2 paid for the landing and take off slots, which came hours after Easyjet bought Thomas Cook’s slots at Gatwick and Bristol. Read more: MPs [...]
Easyjet buys Thomas Cook slots at Gatwick and Bristol for £36m November 8, 2019 Budget airline Easyjet has bought the take-off and landing slots of collapsed travel company Thomas Cook at London Gatwick and Bristol airports for £36m. The company announced today it has bought 12 summer slot pairs and eight winter slot pairs at Gatwick and six summer slot pairs and one winter slot pair at Bristol, in [...]
Intu braced for income drop as retail CVAs take a toll November 6, 2019 Shopping centre owner Intu is expecting to report a sharp drop in rental income for 2019 after a higher-than-anticipated volume of insolvencies from its occupants. Shares in the group tumbled 13 per cent after the bell this morning as the real estate giant revealed that it might have to sell off assets or make a [...]
BHS buyer Dominic Chappell banned from directorships for 10 years November 5, 2019 Dominic Chappell, the businessman who bought BHS from Sir Philip Green for £1 a year before the company collapsed with 11,000 jobs lost, has been barred from serving as a company director for ten years. Sky News first reported today that the Insolvency Service had handed the the three-time bankrupt the decade-long ban. Read more: [...]
23 Capital: Meet the London-based finance company behind Barcelona’s signing of Antoine Griezmann and Atletico Madrid’s deal for Joao Felix November 5, 2019 Football’s two biggest deals of the summer transfer window had something in common, and not just that Atletico Madrid was either the buying or selling club. The other unifying factor in the signings of £113m Portuguese sensation Joao Felix and £108m France forward Antoine Griezmann was the involvement of financing from London-based 23 Capital on [...]