Sports Direct boss Mike Ashley could face a shareholder revolt this week at its annual general meeting September 2, 2018 Sports Direct boss Mike Ashley could face a shareholder uprising at the retail giant’s annual general meeting (AGM) on Wednesday. Influential shareholder advisory groups ISS and Glass Lewis have both urged investors to vote against Mike Ashley’s re-appointment as chief executive and have also come out against chairman Keith Hellawell. Ashley, who is currently struggling [...]
Claim-hit Wonga stops taking loan applications as it ‘considers its options’ August 30, 2018 Wonga appeared to be on the verge of folding this morning, as it made the decision to stop taking new loan applications. The payday lender told customers that it “continues to assess its options” in the wake of a huge number of compensation claims that led to shareholders providing an emergency £10m earlier this month. [...]
Business owners launch last-ditch effort to force action against Royal Bank of Scotland GRG bankers August 29, 2018 Business owners who claim to have been mistreated by Royal Bank of Scotland (RBS) are writing a new report on the bank’s alleged misconduct in a last-ditch effort to force regulators to take action against senior bankers. The group, SME Alliance, said its report will cover new evidence of events in RBS's global restructuring group [...]
City Moves for 29 August 2018 – who’s switching jobs at JLL, City of London Group, The Insolvency Practitioners Association and Mayer Brown? August 29, 2018 Today's City Moves cover workplace strategy, risk, insolvency practitioners and legal eagles. Take a look at these movers and shakers: JLL JLL has appointed Guzman de Yarza Blache as head of its workplace strategy business practice in Europe, the Middle East and Africa (EMEA). Guzman joined JLL in 2016 as head of workplace strategy and [...]
Capital & Regional given the go-ahead for Walthamstow redevelopment August 28, 2018 Shopping centres owner Capital & Regional has been given the green light for a major mall development in Walthamstow today. The newly-approved plans to transform Walthamstow’s town centre includes more than 86,000 square feet (sq ft) of extended space that is set to be added to the area’s current site. According to Capital & Regional, [...]
Takeover battle heats up as Pebblebrook offer tempts LaSalle August 27, 2018 The takeover battle for LaSalle Hotel Properties took another turn today, as the luxury-hotel owner suggested it may reconsider a bid from Pebblebrook several months after agreeing to an acquisition from Blackstone. LaSalle said that an unsolicited bid from Pebblebrook Hotel Trust could lead to a "superior proposal", throwing the firm’s accepted takeover offer from Blackstone [...]
Payday lender Wonga pushed to the brink as claims management companies look for ‘next PPI’ August 27, 2018 Payday lender Wonga is considering insolvency among the options as it tries to deal with a deluge of complaints from claims management companies looking for “the next PPI”. Wonga said it is assessing “all options” for the group, which is struggling under the burden of a large number of compensation claims. The controversial firm raised [...]
Clock’s ticking: Payday lender Wonga is ‘on the brink of collapse’ following a spike in customer claims August 26, 2018 Embattled payday lender Wonga is facing insolvency, just three weeks on from receiving an emergency £10m cash injection. The London firm is expected to appoint Grant Thornton to act as its administrator if its board decides Wonga cannot avoid falling into insolvency, Sky News first reported. Today's administration fears follow several enquiries from claims management companies [...]
Government to crack down on ‘reckless’ company directors August 26, 2018 Directors who dissolve firms to avoid paying out pension pots or salaries to workers could get hit with hefty fines under a new government initiative. The Insolvency Service (IS) will be tackling directors who dodge paying their company's debts by dissolving the firm and then setting up a near identical business, in a process also known [...]
Iceland to take over a handful of former Poundworld stores while rescue deal falls through August 23, 2018 Iceland is to take over a handful of former Poundworld stores, but a deal to save another chunk of the chain's estate has now fallen through. The retailer closed the last of its 335 stores earlier this month, after crashing into administration in June. The Henderson family announced two weeks ago that they would take [...]