French rail giant in talks to buy British Steel division June 22, 2019 A major French engineering firm is reportedly in talks to buy part of British Steel, as potential suitors look to carve up the collapsed company. Systra, which specialises in transport infrastructure, is mulling a bid for wholly-owned subsidiary TSP Projects, Sky News reported. Read more: British Steel inquiry delayed amid fears findings could affect sale [...]
Hilco eyes up struggling retailer Bathstore June 21, 2019 Restructuring fund Hilco is set to pounce on UK retailer Bathstore as it teeters on the edge of collapse, it is reported. Hilco, which has already taken over struggling high street names like HMV and Homebase, is in the process of preparing for a take over of Bathstore, according to Sky News. Read more: Now [...]
Domino’s picks a Rennie after Wild excess June 21, 2019 A Rennie is a long-held cure for indigestion. Domino’s Pizza Group’s franchisees, who have been complaining that they have had as much as they can swallow of boss David Wild, should, then, welcome the fact that a Rennie is exactly what they’re in line to get. Having acknowledged in March that searches were underway for [...]
Monsoon asks landlords to back rent cuts as part of rescue plan June 20, 2019 Monsoon Accessorize is planning to slash its rent bill for more than half of its stores, as it becomes the latest troubled retailer to turn to a controversial rescue plan in a bid to avoid collapse. The high street fashion chain is hoping landlords will back its planned rent cuts on 135 stores after offering [...]
Jet Airways’ lenders start insolvency proceedings June 17, 2019 Lenders to stricken Indian airline Jet Airways have started insolvency proceedings, they said today. “After due deliberations, lenders have decided to seek resolution under IBC since only a conditional bid was received,” the lenders said, referring to India’s Insolvency and Bankruptcy Code. Jet Airways suspended flights in April after running out of money. The airline [...]
Bad debt insurance claims at highest since 2009 June 14, 2019 The number of insurance claims made this year by UK businesses facing bad debts has reached its highest level in ten years, figures published today show. In the first quarter 57 firms every day were helped by trade credit insurers, data from the Association of British Insurers (ABI) show. The high volume of claims is [...]
FCA slammed over ‘whitewash’ RBS GRG report June 13, 2019 The City watchdog has said it has found no evidence that senior bankers within RBS’ controversial turnaround unit GRG lacked honesty or integrity, despite accusations that it ruined thousands of businesses and livelihoods. The Financial Conduct Authority (FCA) has today published its highly anticipated report into why it was unable to take enforcement action against [...]
Philip Green’s retail empire avoids administration as rescue plan is passed June 12, 2019 SIR PHILIP Green squeezed through a controversial rescue plan this evening as his fashion empire came back from the brink of administration by winning a crunch vote. Read more: Green offers landlords cash to save Arcadia Creditors passed a series of votes that will give the embattled Topshop tycoon breathing space to embark on a [...]
Company Voluntary Anxiety: Retailers’ favoured rescue tool under fire June 12, 2019 SIR PHILIP Green’s fashion group Arcadia and department store chain Debenhams face renewed opposition to their restructuring efforts as the role of a controversial rescue mechanism comes under growing pressure. The future of Green’s retail empire hangs in the balance after it emerged yesterday that shopping centre owner Intu plans to vote against the firm’s company [...]
High street retailers take hit from drop in footfall June 10, 2019 High streets, retail parks and shopping centres all suffered a year-on-year drop in footfall last month, according to new figures which underline the tough trading conditions facing bricks and mortar firms. The number of shoppers plunged by 3.5 per cent in May, compared with a drop of 0.4 per cent during the same month last [...]