Coronavirus: City of London Corporation defers rent payments for tenants March 25, 2020 The City of London Corporation is deferring this quarter’s rental payments for commercial tenants worst affected by the coronavirus pandemic. The Corporation, a major landlord in the Square Mile and beyond, is deferring rent payments for the March quarter for all retail, hospitality, small office, and serviced office tenants. Supermarkets, banks, pharmacies and building societies [...]
Government to push through insolvency reforms as coronavirus crisis bites March 25, 2020 The government is pushing to overhaul insolvency laws to help companies and individuals weather the economic crisis caused by the coronavirus pandemic. The Insolvency Service has begun asking for the views of the restructuring industry about potential urgent changes to company legislation, Sky News reported. The reforms could include a moratorium on winding-up petitions against [...]
Stagecoach and Go-Ahead scrap dividends over coronavirus March 23, 2020 Stagecoach has issued a coronavirus profit warning today as both it and Go-Ahead scrapped their dividends as travel restrictions bite. The operator warned it will now miss its target for adjusted earnings per share for the 12 months to the start of May. “The quickly developing Covid-19 situation means we no longer expect to achieve [...]
Coronavirus: Government temporarily suspends rail franchise agreements March 23, 2020 The Department of Transport is taking emergency measures to help the rail network survive a 70 per cent drop in passenger numbers as coronavirus prevents travel across the UK. Rail franchise agreements have been suspended temporarily to avoid collapse, and the government will instead pay train companies a small fee to keep operating some services. [...]
British takeaways call for rent holidays as coronavirus puts businesses ‘on the brink’ March 22, 2020 British restaurants and takeaways have urged retail landlords to grant rent holidays as they battle to survive during the coronavirus outbreak. The British Takeaway Campaign (BTC), which represents restaurants, takeaways and small businesses in the supply chain, called for an immediate three-month freeze on rent ahead of quarterly payments due next week. The group warned [...]
Economists: Germany must act as it ‘speeds’ towards coronavirus recession March 19, 2020 Germany, the European Union and the European Central Bank (ECB) must work together to take “massive and targeted” measures to prevent an economic collapse in the face of coronavirus, one of the country’s top think tanks has said. The Ifo Institute warned the German economy could shrink by a massive six per cent in 2020 [...]
Thomas Cook: Taxpayers will pay for next tour firm collapse, says watchdog March 19, 2020 The collapse of Thomas Cook has left the government’s tourism industry fund severely depleted, meaning taxpayers would have to foot the bill if another tour operator falls into insolvency. Thomas Cook’s shock insolvency and the subsequent repatriation of thousands of customers cost the government at least £156m, according to the National Audit Office (NAO). The [...]
Coronavirus: Business rates holiday granted for all retail and leisure firms March 17, 2020 Pub, restaurants and shops will be hoping that emergency measures unveiled by the chancellor this evening, including a business rates holiday for all firms, will be enough to keep the sector afloat through the coronavirus crisis. Rishi Sunak has announced that all retail and hospitality firms will be exempt from paying business rates for 12 [...]
Travelex owner Finablr planning for ‘potential insolvency’ March 17, 2020 Finablr, the owner of foreign exchange firm Travelex, has appointed advisers to prepare for a possible insolvency after the FTSE 250 company became mired in an accounting scandal. In an update to the stock exchange this morning, Finablr’s board said it had engaged an accounting firm “to undertake rapid contingency planning for a potential insolvency [...]
Budget 2020: Government to tax financial services firms to pay for economic crime fight March 11, 2020 The chancellor said today that the government would bring forward a levy on financial services firms to help pay for the fight against economic crime. It said businesses subject to the money laundering regulations would be subject to the tax which would aim to deliver reforms laid out in the government’s economic crime plan. Businesses [...]