Fish and chip shops struggle to keep heads above water as sector battered by price rises May 25, 2022 Some fish and chip shop owners could be driven to commit fraud in the absence of any further tax relief, one industry boss has warned. The words of warning came from president of the National Federation of Fish Friers, Andrew Crook, who told CityA.M. that the fish and chip industry had felt “abandoned” by the [...]
Accountancy firms ask for exemptions from ban on providing services to Russia May 24, 2022 Accountancy firms have asked the UK government to offer exemptions to professional services firms from rules blocking them from working with Russian clients. The calls come after the government this month set out plans to block British accountants, business consultants, and PR managers from providing their services to Russians, in response to the country’s invasion [...]
Restructuring specialist Begbies Traynor says results will be ‘comfortably’ ahead of expectations May 19, 2022 Corporate restructuring specialist Begbies Traynor has said it expects its upcoming financial year results will be “comfortably ahead of market expectations” and “significantly” on last year. The Manchester headquartered firm said it expects its revenues will increase 30 per cent to £109.5m and its adjusted pre-tax profits will increase 55 per cent to £17.8m, compared [...]
Ryanair loses legal battle against Condor bailout funding May 18, 2022 Ryanair has lost its legal battle to have bailout funding provided by the EU to German charter airline Condor ruled unlawful. The EU’s General Court said today the aid package was legitimate and that Ryanair failed to demonstrate the European Commission had mishandled funds when bailing the charter airline out. “The applicant did not succeed [...]
Exclusive: UK business loans written off by banks almost double to £356m as insolvencies quadruple May 16, 2022 The value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190m in the third quarter to £356m in the fourth quarter. Debt advisors told City A.M. this afternoon that write offs of loans have been subdued throughout the Covid crisis but are now rising [...]
OakNorth boss Rishi Khosla is braced for the next economic crisis May 13, 2022 Rishi Khosla has become rather used to dealing with economic crises over the past seven years.
Investment group backed by ex-Tesco boss probed over allegations of £2m Covid loan misuse May 11, 2022 We Are Nova, a start-up investment group with support from ex-Tesco chief Sir Terry Leahy, is being probed over claims it misused Covid loans. According to The Times newspaper, companies associated with We Are Nova netted almost £2m through the government’s bounce back loan scheme. However, the firms did not seem to be eligible for [...]
Sanjeev Gupta’s GFG Alliance faces bankruptcy fight after Credit Suisse leaves the table May 10, 2022 Sanjeev Gupta’s GFG Alliance faces the prospect of bankruptcy after its main creditor, Credit Suisse, exited negotiations with the steel business over repayment of its debts. GFG Alliance is set to face an insolvency hearing next week after Credit Suisse, pulled out of settlement negotiations, the Financial Times first reported. Under UK laws, creditors can [...]
Morrisons fends off Issa brothers’ EG Group in battle for McColl’s May 9, 2022 Morrisons has emerged victorious against EG Group in gaining control over McColl’s Retail Group, it has been reported. The supermarket giant had upped its offer to snap up the beleaguered newsagent operator after a last minute battle with the Issa brothers’ EG Group. According to Sky News, the chain beat down its competition after making [...]
EG Group swoops in to save collapsing convenience chain McColl’s as thousands of jobs remain at risk May 6, 2022 McColl’s had been placed under administration of accounting and consulting firm PriceWaterhouseCoopers, after failing to get the short-term funding to stay afloat. In an announcement this afternoon, the company said: “In order to protect creditors, preserve the future of the business and to protect the interests of employees, the Board was regrettably therefore left with no [...]