Sir Philip Green must stump up extra £50m to save Arcadia from administration May 31, 2019 Sir Philip Green must plough another £50m into the pension scheme of his Arcadia retail empire to prevent it collapsing, it is reported. Read more: Sir Philip Green to close Miss Selfridge's flagship Oxford Street store The Pensions Regulator (TPR) has ordered the Topshop tycoon to add the £50m in addition to £100m his family [...]
Monsoon Accessorize landlords ‘call for stake’ in retailer as CVA approaches May 30, 2019 Four property giants have reportedly offered to support a financial restructuring at troubled fashion retailer Monsoon Accessorize – but only if it gives them an equity stake in the firm. Read more: Retailer Monsoon Accessorize 'plans to close dozens of stores' across UK British Land, Hammerson, M&G Investments and Roubaix Group have teamed up to [...]
Outsourcer Amey agrees terms for £300m deal to escape Birmingham roads contract May 30, 2019 Contractor Amey is close to reaching a £300m agreement that would see it pay its way out of a maintenance contract for Birmingham’s 1,600-mile road network, it is reported. Read more: Amey 'offers £300m' to Birmingham city council to escape road contract Amey’s deal with Birmingham City Council and the government will see it pay [...]
Whitehall reports ‘good progress’ on saving British Steel with more than 80 potential buyers May 28, 2019 Civil servants are optimistic British Steel's furnaces will continue to fire beyond the next few weeks, and today revealed that scores of potential bidders have been in touch about buying the stricken industrial giant out of insolvency. Read more: British Steel's collapse turns up the heat on Whitehall The Official Receiver, who took control of the [...]
Fashion retailer Select launches fresh attempt to rescue business May 28, 2019 Administrators at Select have launched proposals for a controversial insolvency process as the troubled women’s fashion group battles to stay in business. Creditors are set to decide whether or not to trigger a Company Voluntary Arrangement (CVA) on 11 June, with administrators warning that a vote against a CVA would mean the company could stop [...]
Sir Philip Green to close Miss Selfridge’s flagship Oxford Street store amid Arcadia restructuring May 27, 2019 The troubles for Sir Philip Green’s beleaguered retail empire Arcadia showed no sign of abating this evening as it emerged the mogul is to close the flagship central London branch of Miss Selfridge this summer. Arcadia hopes its creditors will next week approve a company voluntary arrangement (CVA), an insolvency procedure which enables the closure [...]
Sir Philip Green to close 25 more stores than initially planned May 25, 2019 Sir Philip Green's Arcadia is set to close 25 more stores than the initial 23 it announced earlier this week. The Topshop and Dorothy Perkins owner revealed 23 stores would shut down earlier this week as part of plans to save the company. Read more: Sir Philip Green told to put his own cash into Arcadia [...]
DEBATE: Should the government nationalise British Steel in a bid to save it? May 24, 2019 Should the government nationalise British Steel in a bid to save it? Faiza Shaheen, director of the Centre for Labour & Social Studies, says YES. British Steel is not just emblematic of our great industrial past, but also fundamental to our green future. Why? Because steel and related metals will be needed for new railways, wind [...]
Kleinman: Government must steel itself for share of blame May 24, 2019 Few economic symbols speak more powerfully to a nation’s sense of self-worth than the decline of its heavy industries: just look at the justifiable angst surrounding the collapse into insolvency this week of British Steel. The crisis engulfing a company on which close to 25,000 people’s jobs depend would be tragic at any time; the [...]
British Steel’s collapse under former owner Greybull turns up the heat on Whitehall May 23, 2019 British Steel may have entered insolvency proceedings, but there is some way to go before it can be considered scrap metal. Next week the Official Receiver will hold meetings with MPs to discuss where the company goes from here. The hope, for the 25,000 people whose jobs British Steel supports, is that Whitehall finds a [...]