UK company insolvencies jumped nearly 20 per cent in the last quarter October 30, 2018 Company insolvencies leapt 19.3 per cent in the third quarter compared to the same quarter last year. Data from the Insolvency Service shows company insolvencies increased 8.9 per cent in the quarter to the end of September compared to the previous quarter. A total of 4,308 companies entered insolvency in the third quarter, with 3,083 (71.6 per [...]
HMRC to be made preferred creditor in tax avoidance crackdown October 29, 2018 A range of measures designed to crackdown on tax avoidance and evasion with a view to raise £2bn over the next five years have been announced by the government. HMRC will be made a preferred creditor in insolvencies, Chancellor Philip Hammond announced today. The government will end the practice of purchasing services through offshore countries and introduce a [...]
Hammond confirms business rate relief for small firms as the high street faces pressure ‘as never before’ October 29, 2018 Chancellor Philip Hammond has confirmed his plans to inject £1.5bn into Britain’s high streets in today’s budget. In a new spending package aimed at boosting small town retailers and high street firms, Hammond has announced business rates relief for firms with a rateable value of less than £50,000 will be cut by a third. The [...]
Insolvencies among millenials soar as housing costs shred ‘cash cushions’ October 29, 2018 The number of insolvencies among millenials has climbed rapidly in the past three years, as rising housing prices leave younger people without a “cash cushion” to fall back on. House price inflation is partially driving the trend, which has seen the number of insolvencies among under 35s rise by nearly a fifth during the past year, [...]
Reimagining the way we use space could reawaken our deserted high streets October 26, 2018 A group of some of the biggest restaurants in the UK have called on the government to tax web giants in order to save the high street. Since 2008, 11,000 major high street outlets have gone bust, while 1,500 restaurant insolvencies were reported in the UK in 2017, and 15,000 more are under threat. The [...]
High street turmoil: Debenhams cancels dividend as it confirms £500m loss October 25, 2018 Debenhams scrapped its dividend this morning as it confirmed a loss of almost £500m amid plans to close up to 50 stores, after news of the troubled retailer’s desperate outlook broke late last night. The department store’s biggest loss in its 240-year history came as chief executive Sergio Bucher insisted the company remains a “profitable business”, [...]
Gourmet Burger Kitchen earmarks 17 restaurants for closure as it enters company voluntary agreement October 24, 2018 Famous Brands, the South Africa-based owner of Gourmet Burger Kitchen, has announced the restaurant chain will initiate a company voluntary arrangement (CVA) amid financial woes. The company said it has 17 restaurants earmarked for potential closure, affecting 250 jobs. The company would not comment on which locations may be closed. It will hold a meeting with creditors [...]
Claire’s weighing up store closures amid retail woes October 15, 2018 Fashion accessory retailer Claire’s has tonight strongly denied reports that it is mulling store closures as part of a turnaround bid to revive the firm. The high street retailer’s boss said this evening that there were no plans to trigger an insolvency process – known as a company voluntary arrangement (CVA) – despite earlier reports that [...]
Toy maker Hamleys blames Brexit, terrorism and rising retail costs for £9m loss October 12, 2018 The UK's oldest toy store Hamleys revealed a record loss today with profits dropping a staggering 500 per cent over the past 12 months. The iconic toy-maker blamed Brexit, macroeconomic factors and the threat of terrorism for the downturn in its fortunes. The retailer announced a £9.2m loss for the year to 31 December 2017, having made a £1.7m profit [...]
Legal & General completes £2.4bn buy-out of folded telco’s pension scheme October 8, 2018 Insurer Legal & General has today finalised a £2.4bn buyout of the Nortel Networks UK Pension Plan, nearly a decade after its telecommunications sponsor collapsed, forcing it into the lifeboat. The deal will see the benefits of 15,500 pensioner members and 7,200 deferred members protected. It is the UK's joint second largest ever pensions buyout, matched [...]