Debenhams chair lashes out at firm’s ‘nosy neighbours’ September 11, 2018 The chairman of troubled department store Debenhams today sought to justify the firm's decision to rush a trading update out yesterday as an attempt to stop "nosy neighbours" speculating about its future. Debenhams' shares plunged 17 per cent yesterday after reports over the weekend revealed it had brought in KPMG to advise on a number of restructuring [...]
Litigation funder Vannin Capital lines up £1bn London float September 10, 2018 Litigation funder Vannin Capital said today it is planning to list in London next month in a float that market sources say could hit a £1bn valuation. The listing will comprise an approximately £70m issue of new shares by the company and the sale of shares by existing shareholders to facilitate a free float of [...]
Debenhams share price tumbles as firm mulls over rescue plan September 10, 2018 Shares in high street retailer Debenhams crashed 17 per cent this morning after it emerged the firm had brought in KPMG to advise on a number of options to save the struggling company. Debenhams has had a gruelling year, announcing three profit warnings so far alongside a raft of job cuts, causing its share price to tank [...]
Debenhams calls in top auditors to weigh up potential insolvency September 9, 2018 Embattled department store chain Debenhams has called in Big Four accountancy firm KPMG to help carry out desperate restructuring measures which could include a controversial insolvency process. Among the contingency options currently being weighed up by KPMG is a company voluntary arrangement (CVA), which is an insolvency option that can be used to close stores [...]
Insolvency service launches investigation into collapse of disgraced PR firm Bell Pottinger September 9, 2018 Several former partners of folded PR firm Bell Pottinger are being investigated by the Insolvency Service. The company collapsed a year ago following a scandal over its work for the Indian Gupta family in South Africa, where it was accused of deliberately stoking up racial tensions in the country. Letters have been sent to the partners [...]
Supplier joins growing calls for investigation into House of Fraser collapse September 9, 2018 Mike Ashley’s calls for an insolvency investigation into House of Fraser’s former directors were backed by one of the department store’s major suppliers today. Tea Terrace boss Ehab Shouly told the Sunday Times that House of Fraser’s erstwhile bosses withheld vital information about the company prior to its collapse last month. One source close to [...]
European Court rules that UK pension lifeboat must lift compensation cap September 6, 2018 The Court of Justice of the European Union ruled today that pensioners should receive at least 50 per cent of the value of their pension in the event that their employer goes bust. The UK’s pensions lifeboat, the Pension Protection Fund (PPF), had capped compensation for those that had lost their pensions when their employers [...]
John Lewis have it right: changing tastes show retail’s centre cannot hold September 5, 2018 If you look past the shiny new signage on the front of the John Lewis & Partners flagship Oxford Street store, there is a much more interesting change going on inside. The retailer’s new name is not the only way it is signalling pride in its employees. Partners are becoming more visible throughout stores. “While [...]
Hobs Repro swallows Call Print’s assets to create UK-wide network of printing branches September 3, 2018 Hobs Repro has swallowed most of struggling competitor Call Print's assets, creating a UK-wide network of 24 printing branches, the company announced on Monday. Cash flow problems forced the scanning, stationery and printing firm into administration on Friday. It was sold the same day in a pre-pack transaction that had been marketed for several weeks. [...]
House of Fraser administrator faces complaint over Sports Direct sale September 3, 2018 House of Fraser's administrator is facing a complaint over its handling of the department store's collapse and sale to Sports Direct. In a letter seen by City A.M., businessman Paul Mckie claimed he was told by Ernst & Young on the morning of the administration that the firm had not been appointed. The official complaint, [...]