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 [...]
Pizza Hut: Which UK restaurants are shutting down? September 11, 2020 Pizza Hut today revealed three London restaurants will permanently close in a crushing blow for food-lovers across the capital. Diners will no longer be able to go to the Croydon North End, Leyton Mill and Stratford restaurants. The fast food chain announced earlier this week that a total of 29 restaurants will permanently close, with [...]
Massive corporate debt could hamper the pandemic recovery. Here’s how we could deal with it September 11, 2020 Will Tanner puts forward a suggestion for tackling UK companies’ rising corporate debt in the wake of the pandemic. The paradox of the pandemic is that everything we have done to support our economy through the crisis may inadvertently hamper our recovery out of it. Since March, the Treasury has gone to unprecedented lengths to [...]
Exclusive: London consumer spending soars during cheap meal scheme September 10, 2020 The Eat Out to Help Out scheme gave London restaurants a huge boost in August, with spending jumping to just 10 per cent below its 2019 level, according to the latest data provided exclusively to City A.M. Food and beverage spending in London in July was a whopping 39.1 per cent lower than a year [...]
Signs of a positive Q4 despite lingering crisis September 9, 2020 Going into Q4 2020, we’re seeing EMEA starting to peek its head over the crest of the global pandemic. The just-released SS&C Intralinks Deal Flow Predictor for Q4 2020 forecasts that M&A announcements may see a YOY uptick of +6 percent, within a range of +15 percent to -2 percent. Distressed M&A deals have risen slightly here, but [...]
Pandemic pushes retail job losses to 125,500 this year September 9, 2020 More than 125,500 retail jobs have been lost so far this year as the coronavirus pandemic accelerated changes on the struggling UK high street. Nearly 15,700 roles were lost every month, while 13,867 shops have closed down across the UK this year. Small independent retailers shed 32,598 jobs between 1 January and 31 August, while [...]