Public inquiry will probe Greybull’s role in collapse of British Steel June 9, 2019 MPs will quiz one of British Steel’s former owners on the firm’s collapse later this month, after they launched an inquiry into the troubled industry this weekend. The Business, Energy and Industrial Strategy committee will examine the role private equity firm Greybull Capital had in the industrial giant’s demise. The announcement comes less than a [...]
Sir Philip Green’s fashion empire hangs by a thread as CVA vote is delayed June 5, 2019 SIR PHILIP Green made a dramatic last-minute bid to stall the collapse of his retail empire tonight after postponing a crunch vote that threatened the future of his high street brands. In a shock move the Topshop tycoon decided to delay the final decision from creditors on whether to approve an insolvency process for his [...]
Intu set to vote against Arcadia CVA as Philip Green’s empire hangs by a thread June 5, 2019 Fresh doubts over whether Sir Philip Green’s fashion group can win a crunch restructuring vote today have emerged, as one of Britain’s largest retail landlords looks set to vote against the firm’s controversial insolvency plans. Intu, a FTSE shopping centre owner, is expected to vote against the proposals for Green’s company voluntary arrangement (CVA), according [...]
Greybull Capital ‘to bid for British Steel’s non-UK assets’ June 4, 2019 Greybull Capital, the private equity firm which owned British Steel until it collapsed last month, is reportedly gearing up to bid for the firm’s operations in France and the Netherlands. The move would mean Greybull dispenses with British Steel’s UK business. It bought the firm from Tata Steel for £1 three years ago. Read more: [...]
Sir Philip Green makes bid to slash retail empire’s business rate bill June 2, 2019 Sir Philip Green is launching an audacious bid to slash the amount his retail empire pays in business rates, in a move likely to trigger fresh controversy around the embattled tycoon. Sources have warned that, if implemented, the demands made by Green’s Arcadia group not to pay some of its business rate bills until April next [...]
Retail investors could lose millions as risky forex trading firm crashes into liquidation June 2, 2019 An unregulated forex trading firm is set to go into liquidation leaving retail investors millions of pounds out of pocket. Hudspiths, which recently established ventures in Dubai and Luxembourg, has appointed insolvency practitioners UHY Hacker Young to oversee a creditors' voluntary liquidation. This follows attempts by creditors to wind the company up after it stopped [...]
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 [...]