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 [...]
BHS administration filing could happen as early as Monday, just weeks after the struggling retailer secured a Company Voluntary Arrangement April 24, 2016 Struggling retailer BHS could be due to file for administration as early as Monday, the BBC has reported today. Such a move could potentially lead to the closure of its 164 department stores and put 11,000 jobs at risk. BHS used to be owned by retail tycoon Sir Philip Green and formed part of his [...]
Nearly 60,000 companies hit by National Living Wage already in “significant financial distress”, insolvency firm warns April 20, 2016 The National Living Wage (NLW) risks tipping thousands of vulnerable companies over the edge as they struggle to absorb higher staff costs, one of the UK’s leading insolvency firms has warned. More than 1.8m workers were given a pay rise on 1 April after a new minimum wage came into force, requiring employers to pay at least £7.20 per [...]
Spike in level of UK firms in balance sheet trouble ahead of Brexit vote April 15, 2016 The number of businesses suffering financial distress leapt 20 per cent in the last year, according to analysis by insolvency firm Begbies Traynor. More than 274,000 firms across the UK were either behind on their debt repayments in the first quarter, or had experienced a “marked deterioration” in their financial health since the start of [...]
Oil price turbulence creates “once-in-a-generation buying opportunity” for private equity April 12, 2016 Oil price turbulence has created a “once-in-a-generation buying opportunity” in private equity, according to a new report. PE Views, a report Latham and Watkins, notes that while many companies are "focused on pure survival", there are buyers willing to "bet on an eventual recovery". Read more: Oil price volatility is holding back M&A in the industry… [...]
Bondholders in Austrian ‘bad bank’ Heta hit by significant haircut April 10, 2016 Creditors in Austrian “bad bank” Heta Asset Resolution will receive less than half of their money back according to the country’s financial regulator, the FMA. An FMA statement outlined that senior bondholders could expect to receive at least 46c/€ which would be paid from the realisation of assets by 2020 – and said that this [...]
English football clubs have never been in better financial health, says study April 4, 2016 English football clubs have left their overspending days behind them and have never been in better financial shape, according to a new study by insolvency firm Begbies Traynor. Increasing revenues from television contracts allied with so-called financial fair play rules, which have forced clubs to live within their means, have slashed the number of teams [...]