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 [...]
Chelsea facing administration unless Roman Abramovich drops plans to call in £1.5bn debt May 4, 2022 Chelsea owner Roman Abramovich will likely have to drop plans to call in his £1.5bn loan to the club or see it go into administration. Abramovich is reported to have scrapped an apparent previous commitment to write off the debt as part of the sale of the club. The sanctioned Russian oligarch is not allowed [...]
City Moves: Who’s switching jobs in the Square Mile? May 4, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Volterra Fietta Law firm Volterra Fietta has hired a new partner in London, who previously represented Egypt in a case related to Al Jazeera. Gunjan Sharma, who stepped into the role at the beginning of the month, [...]
Tennis legend Boris Becker jailed: The dramatic rise and fall of a world champion April 30, 2022 A dramatic fall from grace for tennis legend Boris Becker, as he was jailed for two-and-a-half years yesterday for trying to hide £2.5m in assets and loans. As Becker starts his prison sentence, City A.M. zooms in on the turbulent and colourful life of the three-time Wimbledon champion. Boris Franz Becker was born in Leimen, [...]
Wimbledon star Boris Becker jailed for two-and-a-half years for hiding £2.5m in assets and loans April 29, 2022 Tennis legend and three-time Wimbledon champion Boris Becker has been jailed for two-and-a-half years for hiding £2.5 million worth of assets and loans to avoid paying his debts. The former world number one, 54, was declared bankrupt on June 21 2017, owing creditors almost £50m, over an unpaid loan of more than £3m on his [...]
UK fraud investigators serve notice on companies linked to mining magnate Sanjeev Gupta April 27, 2022 UK fraud investigators yesterday served notices at multiple addresses linked to mining magnate Sanjeev Gupta, just a day after French police raided Paris offices linked to the embattled steel tycoon. The UK’s Serious Fraud Office (SFO) yesterday issued Section 2 notices to trading addresses linked to the Gupta’s Liberty House Group of companies, requesting financial [...]
Exclusive: More than two firms remain interested in Bulb Energy’s customers April 25, 2022 At least one other energy firm is still open to taking on customers from Bulb Energy, but has ruled out a full takeover bid of the collapsed supplier.
FCA uses emergency powers to stop British Steel Pension scandal advisers selling assets April 25, 2022 The UK’s financial watchdog is using emergency powers to stop the firms who advised British Steel Pension Scheme (BSPS) victims from selling off assets to avoid paying compensation. The Financial Conduct Authority (FCA) has launched the emergency asset restriction rules without consultation, in a bid to stop firms from wiggling out of victims’ hard-won redress. [...]
MPs say UK’s Covid restrictions on air travel were ‘disproportionate’ April 25, 2022 The UK government’s restrictions on air travel during Covid-19 were “disproportionate to the risks to public health” and led to a severe shock to the aviation sector, according to a Westminster committee. A new report from MPs on the Transport Committee also said the restrictions regime for international travel was “not transparent or consistent, nor [...]
Insolvencies more than double as rampant inflation and rising interest rates hit firms April 22, 2022 Company insolvencies more than doubled last month as soaring inflation and rising borrowing costs pushed firms over the edge.