Virgin Atlantic unveils coronavirus insurance package on eve of crunch bailout vote August 24, 2020 Virgin Atlantic has today unveiled a comprehensive new coronavirus insurance package for all new and existing bookings up until the end of March next year. The new offer was revealed on the eve of a crunch High Court vote on a £1.2bn bailout package that could keep the carrier flying if it is approved. The [...]
UK economy: Footfall at highest level since March but job postings fall August 20, 2020 The number of Britons venturing out to shops and restaurants rose to its highest level since March, with footfall running at two-thirds of the level seen a year ago, new figures have shown. However, the Office for National Statistics’ (ONS) said one in ten UK businesses reported they were at “moderate” risk of insolvency, indicating [...]
Wirecard business partner reported dead in Philippines amid investigation August 6, 2020 A German businessman responsible for one of Wirecard’s biggest sources of profit has been reported dead in the Philippines amid ongoing investigations into his involvement with the disgraced payments firm’s collapse in June. Filipino authorities are seeking to confirm whether a recently registered death was that of former Wirecard executive Christopher Bauer, one of several [...]
Loungers shares jump on ‘encouraging’ post-lockdown sales August 5, 2020 Shares in Loungers, the owner of the Cosy Club and Lounge brands, surged this morning after the casual dining chain said it is “encouraged” by trading levels since reopening last month. Loungers’ share price jumped 13.49 per cent to 122p after the company said it was “confident” of its future after the coronavirus pandemic. The [...]
German watchdog audits collapsed Wirecard’s financial accounts August 4, 2020 Germany’s financial watchdog today announced it will conduct an audit of accounts covering the past few years of collapsed payments fintech Wirecard. BaFin said it was carrying out the audit after Wirecard refused to accept it had produced an error, despite it folding last month after details of a €1.9bn accounting black hole came to [...]
Are you up to speed on major changes to business restructuring? August 4, 2020 Among the many government schemes launched to help businesses during the COVID-19 pandemic, one valuable tool risks flying under the radar. The Corporate Insolvency and Governance Act 2020 represents the biggest change to UK restructuring legislation in a generation. It gives distressed companies new ways to address their difficulties while still remaining in control and [...]
Pizza Express plans to close 67 restaurants, putting 1,100 jobs at risk August 4, 2020 Pizza Express is planning to close 67 UK restaurants due to the coronavirus pandemic, putting 1,100 jobs at risk, as the casual dining chain put itself up for sale. The company announced this morning that it will launch a company voluntary arrangement (CVA) in the “near future”. The CVA proposals would see the group close [...]
‘More than three-quarters’ of UK hospitality firms could go bust within a year August 4, 2020 More than three-quarters of UK hospitality businesses are at risk of insolvency within 12 months, the leading British trade body announced today, as social distancing measures and local lockdowns continue to weigh on the sector. A new survey by UK Hospitality showed that one in five hospitality businesses are at significant risk of insolvency within [...]
Thomas Cook buyer Hays Travel to slash 878 jobs August 3, 2020 Hays Travel, which bought Thomas Cook last year after the holiday firm fell into administration, will cut 878 jobs. Nearly a fifth of its total workforce of 4,500 will be made redundant through the cuts as the travel industry continued to suffer the effects of the coronavirus pandemic. In a statement, owners John and Irene [...]
German regulator examines EY over Wirecard audits August 3, 2020 The German auditing regulator is reportedly examining EY in connection with its involvement with the disgraced payment services firm Wirecard. A document from the Economic Ministry, seen by German newspaper Handelsblatt, states that regulator Apas is examining all of EY’s audits of Wirecard from 2015. The Big Four firm has been Wirecard’s auditor for over [...]