TK Maxx defies retail gloom as sales top £3bn October 25, 2019 Budget retailer TK Maxx topped £3bn in sales in the last year, shrugging off high street woes with a rise in profit. US group TJX US, which is the parent owner of the fashion group, has reported a 6.4 per cent rise in sales to £3.1bn in the 12 months to February 2019. Read more: [...]
Quickquid owner to take £58m hit on exiting the UK October 25, 2019 The owner of the UK’s largest payday loan company Quickquid said it will take a £58m hit on closing down the firm and pulling out of the UK market. US-based Enova said in its results last night that it was exiting the UK “due to regulatory uncertainty”. The company said it was recording an after [...]
Supercuts owner Regis UK calls in administrators October 24, 2019 Supercuts owner Regis UK has appointed administrators as the hair salon chain becomes the latest victim of a challenging retail environment. Regis UK, which trades under the Regis and Supercuts brands, entered insolvency yesterday and appointed Deloitte as administrator, Sky News reported. Read more: Supercuts owner Regis UK asks landlords to slash rents The move [...]
UK rises up World Bank ease of business ranking October 24, 2019 The UK is one of the top 10 countries for doing business in the world, according to a new World Bank study, thanks to the ease of starting a firm, protection of investments and insolvency resolutions. Read more: UK economy close to recession after stagnant services sector data In the World Bank’s Doing Business 2020 [...]
Payday lender Quickquid lines up administrators October 24, 2019 Quickquid is on the brink of collapsing into administration following a crack down on pay day lenders. Cash Euro Net UK, which trades under the name Quickquid, has lined up Grant Thornton as administrator as it prepares for a potential insolvency process, which could be launched in the next few days, Sky News reported. Read [...]
Hays Travel paid just £6m for 555 Thomas Cook stores October 23, 2019 Hays Travel paid just £6m for Thomas Cook’s 555 high street stores after the firm’s collapse. Hays bought the stores from the government’s Insolvency Service earlier this month, while also offering jobs to 2,000 former Thomas Cook employees. Read more Hays Travel buys 555 Thomas Cook stores Dean Beale, from the Insolvency Service, told MPs [...]
Number of companies entering administration leaps by a third in the third quarter October 22, 2019 The number of companies entering administration jumped by more than a third during the third quarter of the year, analysis published today showed. A study of notices in the London Gazette by accountancy firm KPMG showed a total of 417 companies went into administration between July and September 2019, compared with 310 in the previous [...]
MPs slam ‘inconceivable’ judgement of Thomas Cook auditor EY October 22, 2019 Thomas Cook’s auditor, EY, has faced a barrage of criticism from MPs, who called it “inconceivable” that accountants judged it a sustainable business in the year leading to its collapse. Bosses at EY and PwC, two of the so-called big four accountancy firms, were hauled in front of the business select committee this morning as [...]
Watchstone shares jump 40 per cent after it settles Slater & Gordon fraud claim October 21, 2019 Insurance firm Watchstone and law firm Slater & Gordon have settled a long running fraud claim just hours before a nine-week High Court trial was due to begin. Watchstone’s shares jumped 45 per cent today to 156p after the settlement was announced. The claim dates from listed Australian law firm Slater & Gordon’s acquisition of [...]
Jobs at risk as Jessops boss mulls rescue plan October 16, 2019 The owner of struggling camera retailer Jessops, Dragons Den star Peter Jones, is preparing to appoint administrators in a bid to rescue the firm, in a move that could lead to store closures and rent cuts. JR Prop Limited, the manager of the retailer’s leasehold property estate, has filed a notice of intention to appoint [...]