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26th of July 2011
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News Tag: administration

July 12, 2011

BRC: Retail sales down 0.6% in June

by Kay Mitchell
”BRC:
Retail sales fell in June as households continue to be squeezed by higher inflation and rising unemployment. According to the British Retail Consortium (BRC)/KPMG retail sales monitor, sales fell by 0.6% on an underlying basis last month, while total sales (including VAT) rose 1.5%. Food sales growth eased a little last month but a strong performance was noted in homewares, the ...




July 7, 2011

WH Smith posts 4% decline in sales

by Kay Mitchell
”WH
WH Smith, which sells newspapers, books, stationery and confectionery, today announced like-for-like sales fell 4% in the 18 weeks to 2 July compared with the same period a year ago. However, the company, which operates on the High Street and at travel-based outlets such as airports, train stations and motorway service stations, said it “remained confident” about the full year. Retailers ...




July 6, 2011

BRC: Food price inflation surges

by Kay Mitchell
”BRC:
According to the British Retail Consortium (BRC), shop price inflation rose in June on the back of growing food prices. The BRC said shop price inflation surged to its highest rate since October 2008 in June. Higher petrol and commodity costs lifted shop prices to 2.9% in June from 2.3% in May while food inflation rose to 5.7% from 4.9% - the biggest gain ...




June 27, 2011

Jane Norman enters administration

by Kay Mitchell
”Jane
Fashion chain Jane Norman has gone into administration after failing to find a buyer. The retailer was forced to close its 90 UK stores this weekend and the news comes just a few days after it emerged that furniture chain Habitat is to be put into administration. Jane Norman is understood to have appointed American accounting firm, Zolfo Cooper who will supervise a pre-pack administration. The ...




June 24, 2011

Habitat stores enter administration

by Kay Mitchell
”Habitat
Furniture chain Habitat is to be put into administration but three of its stores are to be bought by Home Retail Group (owner of Argos and Homebase). Home Retail Group is acquiring the rights to the Habitat brand in the UK and the Republic of Ireland. Administrators have been appointed for 30 of the outlets, which will trade for the next six months until a ...




March 23, 2011

Norwich and Peterborough to repay £57m to Keydata investors

by Kay Mitchell
”Norwich
The Norwich and Peterborough Building Society (N&P;) is to repay £57 million in compensation to customers who were sold its Keydata product. N&P; sold Keydata products from 2005 but it was placed into administration in 2009, with 30,000 UK investors facing the loss of £450 million. The collapse of Keydata represents the largest investment failure the Financial Services Compensation ...




February 14, 2011

Auto Windscreens enters administration

by Kay Mitchell
”Auto
Auto Windscreens, which is the UK's second largest windscreen repair and replacement company, has been placed into administration, putting more than 1,000 jobs at risk. Deloitte, which has been appointed as administrator for the Chesterfield-based company, said there were no funds with which it could continue trading. According to Deloitte, the company has suffered trading and cash-flow problems, while a major creditor served ...




January 26, 2011

Talk Talk to axe 13% of workforce

by Kay Mitchell
”Talk
Telecoms company Talk Talk has today announced plans to axe 580 administration jobs as part of a major restructure. The job losses, which represent 13% of its UK workforce of 4,500, are due to overlap within the company after acquiring three separate businesses via acquisitions, which includes Tiscali last year. "This has created a level of duplication, and it is now ...




November 14, 2010

Holiday firm Pontin’s goes into administration

by Kay Mitchell
...




October 4, 2010

Crown Currency Exchange placed into administration

by Kay Mitchell
Crown Currency Exchange placed into administration
Crown Currency Exchange has today been placed into administration. Its collapse has been attributed to the downturn in the travel industry. MCR has been appointed as administrator and said it believes 13,000 consumers will be directly affected by the collapse. Paul Clark, of MCR, said that Crown had been affected by the downturn in the travel market and it has “experienced a difficult ...




April 13, 2010

UK retail sales continue recovery in March

by Kay Mitchell
’UK
The British Retail Consortium (BRC) has today revealed the High Street continued its recovery in March with UK retail sales rising at their fastest rate in almost four years. According to the BRC, the rise was boosted by Easter shopping as consumers stocked up on chocolate, food and drink for the Easter weekend. The BRC said the total value of ...




March 31, 2010

Jarvis administrators axe 1,100 jobs

by Kay Mitchell
”Jarvis
Administrators at Jarvis, the railway maintenance company which entered administration last week, have announced they will shed 1,100 jobs at the ailing company. Deloitte said the job losses will affect workers at the head office in York, as well as in Doncaster, Glasgow, Leeds, Newcastle and Peterborough. Last week, Deloitte was called in to the rail maintenance firm after it was refused further ...




March 25, 2010

Highland Airways enters administration

by Kay Mitchell
”Highland
Scottish airline, Highland Airways, has gone into voluntary administration putting 100 jobs at risk. The company, which is based in Inverness and also has routes to Wales, called in administrators last night, PricewaterhouseCoopers (PwC), to take over the running of the business. The Civil Aviation Authority (CAA) said operations had been suspended "with immediate effect". The airline, which was established in 1991 as Air Alba, ...




Rail company Jarvis goes into administration

by Kay Mitchell
”Rail
Jarvis, the railway maintenance company, has entered administration after being refused further support by its lenders. The company, which has is based in York, said the future of the firm depended on the ongoing support of its lenders but said after negotiations, it was evident “that sufficient support will not be extended to the company to enable it to continue trading as ...





February 26, 2010

Portsmouth FC to enter administration

by Kay Mitchell
”Portsmouth
Portsmouth Football Club is to enter administration today as the Premier League side struggles under a mountain of debt totalling £60 million - including more than £12 million owed in tax to HM Revenue and Customs. The club has failed to attract a buyer and the process of administration means it will immediately be docked nine points by league bosses - leaving them ...




February 25, 2010

Ethel Austin fails to attract buyer, 1,000 lose their jobs

by Kay Mitchell
”Ethel
Fashion retailer Ethel Austin has been forced to close its doors after failing to attract a buyer. Earlier this month, the Liverpool-based discount clothing retailer, together with its sister company Au Naturale, entered administration for the second time in two years. The group was bought out of administration in 2008 by Elaine McPherson - former chief executive and ...




February 17, 2010

Reader’s Digest UK files for administration

by Kay Mitchell
...




February 9, 2010

Growth too slow to halt record company administrations

by Gill Montia
Growth too slow to halt record company administrations
Having studied the latest figures from the Insolvency Service, Grant Thornton is predicting a glut of company failures in England and Wales during 2010. Last year saw a record 4,161 companies placed in administration (up 1.7% on 2008) and the accountancy firm warns: "There is no light at the end of the tunnel for troubled companies that are relying on ...




February 8, 2010

Ethel Austin enters administration for second time in two years

by Kay Mitchell
”Ethel
Discount clothing retailer Ethel Austin has entered administration for the second time in two years. The Liverpool-based retailer, which has 300 stores, will trade as normal while administrators MCR seek a new buyer. However, MCR could not rule out closures or job losses since there were "no guarantees" that a buyer could be sought in the current economic ...




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