Number of firms in financial stress grows for thirteenth quarter in a row January 30, 2017 Over 275,000 companies were showing sings of financial distress at the end of 2016, the thirteenth quarter in a row that business stress in the UK has risen. The figures from insolvency firm Begbies Traynor show that the number of companies battling 'significant' financial distress grew three per cent year-on-year in the final quarter of 2016. Read [...]
A group of 111 former BHS staff are suing administrators over redundancy procedures January 29, 2017 Over 100 former BHS employees have launched a claim against the retailer's administrators over their alleged failure to consult staff before they were made redundant. Lancashire-based JWK Solicitors are representing the 111 staff that worked at BHS' headquarters in London. They allege administrators did not consult staff for at least 45 days before making them redundant. Due in April, [...]
City Moves for 24 January 2017 – who’s switching jobs? January 24, 2017 Today's City Moves cover online businesses, the legal sector and property development. While Mark Whitburn has joined peer-to-peer lender Saving Stream as its new head of credit, former KPMG partner Jane Moriarty has joined Chelsea-focused London property group Martin's Properties as a non-executive director. Take a look at these movers and shakers: Saving Stream Mark [...]
Original Travel’s chief executive reveals how its services stand out in a sea of travel companies January 23, 2017 Parents have 40 opportunities to go on a holiday with their children before they outgrow family outings according to travel company chief executive Nick Newbury. He points out that there’s only so much time in a year, and so much holiday leave in a job. As well as time constraints, pressure is mounting on consumers [...]
Not so sunny: Low demand pushed profits down for Caribbean travel group Elegant Hotels January 17, 2017 Elegant Hotels faced a tough year as profits fell during 2016 due to the weak pound and lower demand for luxury accommodation. The figures The Caribbean travel group, which owns six upscale hotels and a beachfront restaurant on Barbados, said revenue was down 5.2 per cent in 2016, at $57m (£46.3m). Adjusted pre-tax profit for year to [...]
Soma Oil & Gas probe set fraud squad back almost £60k, after investigation was dropped late last year January 15, 2017 The fraud squad’s investigation into Soma Oil & Gas set it back almost £60,000, City A.M. has learned. Answering a Freedom of Information request, the Serious Fraud Office (SFO) revealed it spent £59,912 on its investigation into the oil company, which opened in July 2015, following allegations of bribery and corruption. The figure does not [...]
Food suppliers squeezed as supermarkets play hardball in Brexit price talks January 10, 2017 Food suppliers are being squeezed as supermarkets play hardball in talks over which side should shoulder the burden for the devaluation of the pound, new figures suggest. Research from insolvency firm Begbies Traynor shows 6,000 food suppliers were showing signs of financial distress in the final quarter of 2016, an increase of 13 per cent [...]
Trinidad and Tobago-focused oil firm Trinity Exploration dodges insolvency with restructuring and will rejoin Aim tomorrow January 10, 2017 A formerly debt-riddled Caribbean-focused oil and gas group will be rejoining London's Alternative Investment Market (Aim) tomorrow after a major restructuring and fundraising effort. Trinity Exploration, which works exclusively in Trinidad and Tobago, is rejoining the junior market after gaining approval from its creditors. It will be re-trading under former ticker "TRIN". The firm's restructuring talks [...]
UK’s pension lifeboat gets lower in the water as deficits soar in December January 10, 2017 Pension shortfalls grew at a rate of nearly £1bn a day during December, figures released by the UK's pension lifeboat have revealed. The Pension Protection Fund (PPF), into which defined benefit pension schemes fall upon corporate insolvency, calculated an aggregate deficit for the 5,794 schemes covered of £224bn at the end of December. The shortfall grew [...]
Ferrexpo’s share price pops on record iron ore pellet sales and cash turnaround update January 9, 2017 Shares in FTSE 250-listed miner Ferrexpo lifted more than four per cent in afternoon trading after the Ukraine-based group reported record sales and a bolstered balance sheet. Last year, Ferrexpo sold 11.7m tonnes (mt) of iron ore pellets, which are used in steelmaking, up from 11.3mt in 2015, the group said in a trading update today. [...]