British Steel falls into insolvency after government bailout talks fail, in ‘devastating’ blow for 5,000 workers May 22, 2019 British Steel has collapsed into insolvency after the last week of attempts to lobby the government for a £75m cash injection failed. Read more: Troubled British Steel braces for insolvency in last-ditch loan talks The industrial giant – which employs 5,000 people – has been asking the government for an emergency loan designed to save [...]
British Steel collapse: Aftermath could have ‘tsunami-like’ effect on industry May 22, 2019 To understand the effect British Steel’s collapse could have on its native Scunthorpe, just look at a map. The steelworks is almost as big as the town itself. Britain’s industry-reliant communities such as Port Talbot, Tofaen and Stockton-on-Tees have already seen the highest rise in personal insolvencies of anywhere in the country over the last [...]
British Steel talks continue as firm promises staff will be paid for this month May 21, 2019 British Steel is still in talks with the government over a proposed cash injection designed to save it from collapse, business minister Andrew Stephenson said this afternoon. Read more: MPs face calls to save British Steel jobs as it edges closer to collapse The firm, which was today forced to assure that its employees’ salaries [...]
Government faces calls to safeguard British Steel jobs as company edges closer to administration May 21, 2019 Whitehall officials this morning faced calls to “put their money where their mouth is” by giving British Steel the funding it needs to avoid administration and safeguard tens of thousands of jobs. Read more: Troubled British Steel braces for insolvency in last-ditch loan talks Britain’s second-biggest steel maker has for the last week been lobbying [...]
Troubled British Steel braces for insolvency in last-ditch loan talks May 21, 2019 Britain’s second-largest steel producer is preparing for an insolvency to occur within the next 48 hours, amid fears a bid for a rescue loan from the government will fall through. British Steel is said to be formulating a strategy to collapse into administration, with EY expected to be formally appointed to handle the process tomorrow [...]
Millennials increasingly pessimistic about the economy, finds Deloitte May 20, 2019 Pessimism among younger people about the economy is growing in the UK and worldwide, according to a comprehensive new survey of millennials and generation z workers. Read more: Insolvencies among millenials soar as housing costs shred ‘cash cushions’ Only 26 per cent of respondents said they expected the economies in their countries to improve in [...]
Sir Philip Green loses his billionaire status May 12, 2019 Sir Philip Green has lost his billionaire status, rounding off a torrid 12 months for the scandal-hit fashion mogul. For the first time since 2002, Green can no longer count himself a member of the billionaires club after seeing his personal fortune halve over the course of the last year. The Topshop tycoon and his [...]
Local authorities braced for budget hit as Debenhams demands business rates cut May 12, 2019 Cash-strapped local authorities are set to become the latest victim in the demise of Debenhams, as the embattled retailer embarks on a turnaround plan that includes a controversial move to cut business rate bills that it owes. New research shown to City A.M. estimates local authorities will no longer receive £8.5m of the total £17.3m [...]
Short-sellers smell blood at embattled shopping centre firm Intu May 12, 2019 Short-sellers have been stepping up their bets against Intu in recent months, as they look to cash in on the embattled shopping centre owner’s current retail woes. City punters have been circling the FTSE landlord, which recently appointed Matthew Roberts as its new boss, amid downbeat forecasts that the group’s rental income will slide as [...]
Creditors approve Debenhams store closure plan May 9, 2019 Creditors have given Debenhams their approval for a controversial new insolvency plan this afternoon, paving the way for store closures and rent reductions. The beleaguered department store chain said that it had acquired “significantly above the required threshold of 75 per cent” on its proposals, setting in motion the group's Company Voluntary Arrangement (CVA). Terry Duddy, [...]