Mike Ashley’s Sports Direct faces legal challenge over claims sacked USC staff were given 15 minute warning February 9, 2015 Former USC staff who were made redundant when the fast fashion business was put into administration are taking legal action, claiming they received just 15 minutes' consultation over the job losses. The chain, which is owned by Mike Ashley's Sports Direct, was put into administration last month and bought out just a few days later [...]
Equistone revs up for motorbike business by buying stake in Polo February 2, 2015 PRIVATE equity firm Equistone Partners Europe has bought a majority stake in German motorcycle clothing and accessories brand Polo Motorrad. The firm was put up for sale by the previous main owner, Paragon Partners, along with Tempus Capital and SM Investment. Under Equistone’s ownership, Polo plans on expanding its network in both Germany, where it [...]
Liquidations drop to their lowest level since the crash January 29, 2015 THE ECONOMIC recovery combined with sustained low interest rates has helped push the number of company liquidations down to its lowest level in seven years, official figures showed yesterday. A total of 14,040 companies entered liquidation in 2014, down 6.3 per cent on the year. That represents the smallest number since 2007. Just over 10,000 entered [...]
Alpari founder admits the firm should have closed before crash January 21, 2015 THE FOUNDER of ill-fated trading and spreadbetting website Alpari yesterday said he should have wound the company down before its collapse last week. Alpari entered administration this week after the Swiss National Bank removed the franc’s peg against the euro. Clients of the trading site made large losses on the shock exchange rate swings, and when [...]
Alpari shareholder Andrey Dashin:”I tried to wind it up a year ago” January 21, 2015 Another chapter in the increasingly dramatic administration of spreadbetter Alpari, after its largest shareholder went on the record to explain that he tried to wind it up a year ago because he was worried about its lack of financing. Andrey Dashin told industry site Forex Magnates that its current situation is "a natural consequence of [...]
Swiss franc crisis: Alpari appoints administrator KPMG January 19, 2015 West Ham shirt sponsor Alpari said it has appointed big four accountant KPMG as its special administrator. Alpari went into insolvency last week after the Swiss National's Bank's (SNB) shock removal of its currency ceiling, which sent the Swiss franc soaring as much as 40 per cent. The ensuing currency market chaos led to "extreme [...]
Traders eye tie-ups after Swiss franc shock January 18, 2015 Spreadbetting and foreign exchange platforms were scrambling yesterday to shore up their positions in the wake of the Swiss franc’s soaring movements last week. Bidders are lining up to look through the books of Alpari, a Russian-owned spreadbetter which crashed on Friday as the franc’s movements wiped out some clients and drained the firm’s liquidity. [...]
Swiss franc crisis: Alpari disconnects phone lines as spreadbetting platform problems leave trader in shock January 18, 2015 Traders using Alpari’s spreadbetting platform have reacted with anger to the firm’s problems and its failure to communicate with clients who were locked out of their accounts. When the firm folded it initially told customers it had gone into insolvency, only to change the announcement on its website to say it could be sold [...]
Brokers left bruised – and bust – after Swiss franc shock sends ripples through forex markets January 16, 2015 Yesterday's decision to lift a cap on the Swiss franc against the euro has claimed its first casualties in the form of forex brokers. Foreign exchange broker and West Ham sponsor Alpari has today entered insolvency after the “exceptional volatility and extreme lack of liquidity” prompted by the move. The unexpected decision by [...]
Don’t count on cheap oil and money to stave off a new Eurozone crisis forever January 15, 2015 The Eurozone is in a vulnerable state once again. Five years ago, the euro crisis – that bête noire of the region’s economy – unfolded. Since then, much has been done to repair and strengthen the Eurozone’s architecture, ranging from the establishment of a bailout fund and the creation of a banking union, to European [...]