BHS.com’s average order value jumps in its first week of trading October 9, 2016 Customers of BHS.com spent more on their individual orders in its first week of trading, a sign that the recently relaunched online retailer's strategy is paying off. BHS.com said that the average order value rose to £65 between the 29th September and 5th October, up from £50 on its old website before the company stopped trading. Read more: [...]
As a beleaguered Deutsche Bank faces a $14bn fine, Angela Merkel has ruled out state aid, but could a bailout be on the cards? September 27, 2016 Recent discussion of possible European bank bailouts has focused on Italy. Saddled with €360bn of souring loans and enfeebled by a stagnant, over-regulated economy, a number of Italian lenders face a very real risk of insolvency. In July, the country’s third largest, Monte dei Paschi di Siena, failed a stress test set by the European Central [...]
BHS to target younger customers as it makes a comeback in the UK September 26, 2016 You may have thought BHS had shut up shop for good but now a Qatari group wants to rebuild its fortunes in the UK by targeting younger customers. The British brand – but not its shops – was acquired by The Al Mana Group back in June, along with BHS.com and BHS' international business. Since [...]
Business groups write to communities secretary Sajid Javid to campaign against changes to business rates September 25, 2016 Groups representing retailers and small businesses have come together to write to communities secretary Sajid Javid to urge him to pull back on changes to business rates. Business rates are being re-evaluated, and changes proposed for the way business rates are valued could "sink individual businesses into hardship", the lobby groups warned. Read more: West End gets [...]
BHS is back September 25, 2016 The British high street stalwart BHS is back, as new investors emerge with a refreshed online incarnation of the retailer which spectacularly slid into administration earlier this year. BHS will return with a new website, BHS.com, after Qatari business group Al Mana Group snapped up BHS' 70 overseas stores and the website in June. Read more: Insolvency Service quizzed Chappell consultants over £1 BHS purchase It's now [...]
Insolvency Service quizzed Chappell consultants over £1 BHS purchase September 11, 2016 The Insolvency Service has questioned two consultants who advised former bankrupt racing driver Dominic Chappell over the purchase of BHS. Stephen Bourne and Mark Tasker worked with Chappell ahead of him buying the loss-making chain for £1 from retail tycoon Philip Green. Bourne and Tasker were paid £387,500 each for advising Chappell’s Retail Acquisitions according to [...]
National living wage pushes nurseries towards insolvency August 30, 2016 The national living wage has contributed to almost doubled the number of school nurseries falling into insolvency in the last year according to research released today. Accountancy firm Moore Stephens said that 29 nurseries had become insolvent in the year to March 2016, compared to 16 the year before. “The introduction of the national living wage has [...]
Small businesses lost £6bn last year from not chasing bad debts August 24, 2016 Success is hard enough for Britain's small businesses but new research indicates that they are losing billions of pounds each year by writing-off unpaid debts. During the 2015/16 financial year small and medium sized enterprises wrote-off £5.8bn of bad debts according to data prepared by Direct Line. This against a backdrop where separate research by Fintech firm [...]
FRP Advisory set to be appointed BHS liquidators – ousting Duff & Phelps August 16, 2016 FRP Advisory are set to be appointed as liquidators of the BHS empire, City A.M. understands – ousting Duff & Phelps from the role. Duff & Phelps have recommended to creditors that BHS be moved into liquidation – and suggested they take on the job – but it has emerged they have been pushed out [...]
More or less? What needs to be done to get control of Britain’s pension scheme deficits August 7, 2016 Even before last Thursday’s interest rate cut, pension deficits were at record levels with the total gap between assets and liabilities for Britain’s companies estimated at a mind-boggling £390bn. The rate cut exerted further downward pressure on gilt yields – a key determinant in pension liability valuations – meaning that the gap is likely to grow further. [...]