High rents force three in four hospitality businesses to consider restructure or insolvency October 5, 2020 73% of London-based hospitality and leisure operators are considering a restructure or insolvency as a result of the economic impact of the ongoing pandemic. Advisory firm Cedar Dean, which surveyed 230 hospitality and leisure businesses with around 2,000 venues across the UK, found that rental obligations are currently the most pressing issue. 86% of London-based [...]
EY employee warned of Wirecard fraud four years before German firm’s collapse September 29, 2020 EY was reportedly warned four years ago by one of its own employees that senior Wirecard employees had potentially committed fraud and one had attempted to bribe an auditor. The auditor will face additional pressure following the revelation that a member of staff reported suspicious activity at the German payment firm four years before it [...]
Steer clear of Defi? September 25, 2020 I personally am steering clear of the yield farming space completely until it settles down into something more sustainable. You have been warned. These are not my words but the words of an influential voice in the crypto world, Vitalik Buterin himself, broadcast to the world in a recent tweet. Whether you share his view [...]
Cambridge Analytica boss hit with seven-year directorship ban September 24, 2020 The former boss of disgraced consultancy firm Cambridge Analytica has been banned from running limited companies for seven years. Alexander Nix, who led Cambridge Analytica until its collapse in 2018, will be disqualified from acting as a director or becoming involved – directly or indirectly – in the promotion, formation or management of a company. [...]
Luke Johnson: 1m employees on furlough face redundancy September 23, 2020 Former Pizza Express boss Luke Johnson has warned that at least a million jobs could be lost in the hospitality industry as the government tightens restrictions. Speaking to BBC Newsnight, the restaurant mogul predicted that if the government cut all subsidies, “of the 3m [on furlough] at least a million, maybe more, will be made [...]
Business groups call for further support as UK tightens restrictions September 22, 2020 The government must set out a new support package as new restrictions threaten to derail the economic recovery, business groups have warned. Addressing the House of Commons today, Boris Johnson dealt a devastating blow to the hospitality sector as he unveiled plans for a 10pm curfew. And as he warned of a second wave of [...]
Travelex creditors take £368m hit after pre-pack administration September 16, 2020 Unsecured creditors in troubled foreign exchange provider Travelex are set to suffer heavy losses after suffering a shortfall of more than £368m. The majority of the shortfall, around £319m, is owed to bondholders who took control of Travelex but whose identities are unknown, according to the Times. Last month PwC said a pre-pack administration sale [...]
Coronavirus: UK job losses could reach 700,000 by end of the year September 14, 2020 Britain must prepare for a huge wave of job losses that could reach 700,000 by the end of the year, according to new analysis from a research group. In the third quarter of 2020, as many as 450,000 jobs are expected to be lost — a huge increase on the same quarterly figures during the [...]
A step-by-step guide for SMEs as the furlough scheme nears its end September 14, 2020 Much ink has been spilled and many voices raised on what the government should do to save our small businesses in the wake of Covid-19. Indeed, the politicians have a large role to play in ensuring the UK’s small-and medium-sized enterprises continue trading. With 99 per cent of all business in the UK defined as [...]
New Look to warn landlords it could collapse without further rent cuts September 12, 2020 New Look will warn landlords next week that it could go bust if it isn’t granted further rent cuts. The high street brand has almost 500 stores across the UK and employs more than 12,000 people. It is set to propose its second company voluntary arrangement (CVA) within two years after its sales suffered as [...]