Sam Bankman-Fried: ‘I clearly failed, and I’m sorry’ November 10, 2022 Sam Bankman-Fried - CEO of collapsed cryptocurrency exchange FTX - has offered a profuse apology for the spectacular failure of his company.
Binance pull out of deal to buy FTX November 9, 2022 Binance chief Changpeng 'CZ' Zhao has suddenly withdrawn his offer to buy Sam Bankman-Fried's beleaguered FTX exchange.
Next snaps up collapsed Made.com in £3.4m swoop November 9, 2022 NEXT snapped up the brand, domain names and intellectual property of Made.com for £3.4m in a prepack administration this morning, just 18 months after it made its £775m London debut. In a statement this morning, Made.com confirmed it had appointed administrators PwC to sell off its other assets and pay off its debts. Former chief [...]
Binance look to buy out Sam Bankman-Fried’s FTX November 8, 2022 Binance chief Changpeng Zhao has sensationally announced he has agreed to buy Sam Bankman-Fried's beleaguered FTX exchange.
Restaurants ‘entering winter in freefall’ as insolvencies leap by almost half November 8, 2022 There has been a tsunami of restaurants entering liquidation in the quarter to September, causing hospitality leaders to renew cries for government support this winter. According to recent numbers from the Insolvency Service, the number of food venues facing insolvency sky-rocketed 46 per cent in the most recent quarter. Some 158 businesses went into liquidation [...]
CZ orders liquidation of FTT holdings ‘due to recent revelations’ after bust-up with SBF and insolvency rumours November 7, 2022 Changpeng 'CZ' Zhao has ordered the liquidation of almost $600 million of FTX tokens after a bust-up with Sam Bankman-Fried.
On standby: Britishvolt secures last minute funding to stay afloat November 2, 2022 Beleaguered battery firm Britishvolt has secured last minute funding to keep it afloat another few weeks. The company, which has been developing a massive £3.8bn gigafactory in north-east England, has been locked in emergency fundraising talks for several weeks – pushing to raise £200m, or sell the company outright. The lagging firm is a sign [...]
Nearly 28,000 Brits enter insolvency as economic crunch hits October 28, 2022 Almost 28,000 personal insolvencies were recorded over the past three months as Britons come under pressure from the soaring cost-of-living, according to official figures. The Insolvency Service confirmed on Friday that it has also seen a rise in registrations from people seeking breathing space from debts. The new data showed that 27,927 individual insolvencies were [...]
Made.com suspends homeware orders as it faces collapse October 26, 2022 Beleaguered Made.com has decided “to temporarily suspend new customer orders” following yesterday’s termination of talks with potential buyers. The firm said the latest move was done to “preserve value for its creditors and shareholders”. This comes after the company ended negotiations with all potential buyers yesterday, after no party could commit to a suitable timetable [...]
Brits cutting spending sends profit warnings soaring October 24, 2022 Brits cutting spending in response to the cost of living crunch has driven a sharp uptick in the number of businesses warning profits will fall short of expectations, a new report out today shows. Some 86 listed companies issued a profit warning in the three months to September, up from 51 over the same period [...]