Silicon Valley Bank UK says it will be put into insolvency this weekend March 11, 2023 Silicon Valley Bank UK has said it will be put into insolvency from Sunday evening. The announcement came after Silicon Valley Bank (SVP) was put under US government control on Friday afternoon, the biggest failure of a US bank since the 2008 financial crisis. The Bank of England said it would apply to place SVPUK [...]
Fintech Railsr says sale is ‘around the corner’ amid financial troubles March 7, 2023 Beleaguered embedded banking firm Railsr said a sale was “around the corner” today as it scrambles to find new ownership amid regulatory scrutiny and financial troubles. Railsr, previously regarded as a darling of the UK’s fintech scene, has been hunting for a buyer over the past few months as funding has dried up. Bloomberg reported [...]
Home REIT rent troubles deepen as two major tenants go bankrupt March 6, 2023 Beleaguered social housing investor Home REIT revealed that two of its tenants had gone into administration this morning, effectively shutting off another 18 per cent of its annual rent roll.
Ocado not for you: Three reasons why online grocer’s results may not be as bad as they seem February 28, 2023 Ocado’s crown as the online food retailer which keeps the middle classes stocked in organic essentials has been threatening to slip for a while now. As one of the companies which sits at the ‘higher-end’ of the online supermarket price point the rising cost of living, not to mention higher mortgage interest rates, was expected [...]
Begbies Traynor boosted by collapse of Paperchase and host of insolvencies February 27, 2023 Restructuring specialist Begbies Traynor Group says its finances have been boosted by the collapse of Paperchase earlier this year. Begbies Traynor was appointed as administrator after the struggling stationery chain failed to secure any buyers. The retailer’s 106 branches could face closure after Tesco agreed to buy the brand but not its stores or workforce. [...]
GFG tycoon Sanjeev Gupta vows to fight UK steelmaker’s bankruptcy and save hundreds of jobs February 23, 2023 Sanjeev Gupta’s GFG Alliance has vowed to “fight” a New York investment fund’s bid to plunge one of its major customers into bankruptcy after fully acquiring the firm earlier this month. GFG is seeking to block West Midlands steel products maker Aartee Bright Bar from collapsing into insolvency after the manufacturer’s main creditor, FGI, decided [...]
FTX collapse: UK investors report losses of nearly £2m to police February 22, 2023 The amount of recorded cash lost by UK investors in the collapse of crypto exchange FTX swelled to nearly £2m this month as burnt traders turn to the police in the hope of recovering their money, a freedom of information request reveals.
Third of London restaurants worried they can’t afford energy bills, new data reveals February 16, 2023 A third of London restaurants are concerned they may be unable to pay their bills if energy prices keep rising, according to a new study by Uswitch for Business. In the capital, restaurants are currently operating at an average capacity of 54 per cent – six per cent lower than the UK average – with [...]
Worcester FAIL to meet conditions and miss out on place in Championship February 15, 2023 Worcester Warriors have failed to meet the conditions of entry for the Championship and will therefore not take their place in England’s second tier next season. The former Premiership rugby club’s new owners – the Atlas Consortium – failed the RFU fit and proper test over their refusal to pay rugby creditors in December but [...]
Legal tech revolution: Firms invest in cost saving AI tools like ChatGPT to improve profitability February 15, 2023 Law firms are continuing to invest in cost-saving technologies, including artificial intelligence driven tools like ChatGPT, in seeking to stave off falling profitability. A sharp drop in M&A deals has hit US law firms’ profitability, wiping out the majority of all gains they made during Covid, the research from Thomson Reuters shows. US law firms [...]