2016 set to be year of retail failures as number of shoppers on Britain’s high streets in “terminal decline” June 1, 2016 The number of consumers on Britain’s high streets is in “terminal decline” as shopping habits change fundamentally, raising the prospect of more retail failures this year. Speaking to City A.M. after the demise of suits-specialist Austin Reed was confirmed yesterday, Diane Wehrle from top retail analyst Springboard said: “We’re no longer going to see increases in footfall [...]
Austin Reed employees could have their pensions bailed out May 31, 2016 Embattled retailer Austin Reed's final pension scheme could be bailed out by the Pension Protection Fund (PPF). The news comes as all 120 Austin Reed stores are set to close by the end of June leading to 1,000 job losses after administrators AlixPartners did not receive any viable offers for the 116-year-old menswear retailer. According to ITV, 300 members will receive reduced [...]
Alistair Darling and Michael Howard clash over Brexit campaign at CBI dinner May 18, 2016 Two grandees of the Leave and Remain campaigns dramatically crossed swords last night, when a former chancellor and former home secretary clashed over the ramifications of the referendum vote at the CBI's annual dinner. The glitzy black tie event, hosted at Grosvenor House on Park Lane, saw Labour peer Alistair Darling and Tory peer Michael Howard [...]
Pensions lifeboat must not be abused May 10, 2016 The Pension Protection Fund (PPF) had noble beginnings. Also known as the pensions lifeboat, it was designed as safety net of last resort for employees with defined benefit pensions whose companies become insolvent. There are over 800 schemes in the PPF which has secured the retirement savings of 250,000 people since its launch around a [...]
MPs kick off probe into BHS fiasco May 8, 2016 MPs will turn up the heat on Monday on past and present owners of BHS, including Sir Philip Green, when they begin in-depth inquiries into the collapse of the high street retailer. The initial focus of the investigations by two powerful select committees will be on the firm's worrying pensions situation. The defined benefit pension at [...]
Business secretary Sajid Javid orders investigation into BHS collapse May 3, 2016 Business secretary Sajid Javid has ordered a government investigation into the collapse of high street retailer BHS and the conduct of the directors involved. BHS entered administration in April after running out of cash. Speaking in the House of Commons, Javid confirmed that he has written to the chief executive of the Insolvency Service, Sarah Albon, instructing her to [...]
One more survey that shows the living wage and Brexit fears are hitting hiring May 3, 2016 Brexit fears and the introduction of the national living wage are holding down pay and stopping firms from taking on staff, the latest jobs report from Adzuna suggests. The online recruiters said that advertised salaries for vacancies in the UK stood at £33,815 in March — down two per cent on last year — while [...]
Pressure mounts on BHS top dogs as MPs call for Sir Philip Green to be held accountable over department store’s collapse April 25, 2016 Pressure was mounting on Sir Philip Green last night after MPs called for the former BHS owner to be held to account over yesterday’s collapse of the 88-year-old high street chain, which he sold for just £1 last year after 15 years’ ownership. BHS’ failure, which puts 10,000 jobs at risk, is also being investigated by [...]
Number of care homes going bust rises by more than a third in the last three years as national living wage is set to put more strain on the sector April 25, 2016 The number of care homes going bust has risen 34 per cent in the last three years, according to research by accountancy firm Moore Stephens. The report found that the government’s introduction of a mandatory national living wage from April this year is set to put more financial strain on the sector as staff costs [...]
What next for high street giant BHS as administration speculation mounts? April 24, 2016 The future of retailer BHS hangs in the balance today as speculation mounts that it is facing the prospect of full administration or a pre-pack deal. A stalwart of the British high street for decades, BHS was owned by Sir Philip Green for 15 years before he sold it to Retail Acquisitions last year for [...]