News Tag: administration
February 26, 2010
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 ...
Portsmouth FC to enter administration
by Kay Murchie
February 25, 2010
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 ...
Ethel Austin fails to attract buyer, 1,000 lose their jobs
by Kay Murchie
February 9, 2010
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 ...
Growth too slow to halt record company administrations
by Gill Montia
February 8, 2010
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 ...
Ethel Austin enters administration for second time in two years
by Kay Murchie
January 27, 2010
Championship side Crystal Palace has gone into administration as a result of financial difficulties.
In November, cash flow problems were highlighted after players were paid late on several occasions.
The news comes just a month after Watford Football Club saw its shares suspended after its parent company, Watford Leisure, was on the verge of administration.
Watford Leisure recently announced it would run out of ...
Crystal Palace FC in administration
by Kay Murchie
January 19, 2010
Card-payment processing company, E-Clear, has been placed into administration.
The company was responsible for online ticket sales at Scottish airline Flyglobespan, which collapsed in December.
PricewaterhouseCoopers (PwC), which was appointed administrator for Flyglobespan, had been investigating E-Clear to establish why the company held back £35 million owed to Globespan Group, which operated Flyglobespan.
E-Clear was also understood to have processed Allbury Travel Group’s credit card ...
E-clear placed into administration
by Kay Murchie
January 8, 2010
Borders-based JJ&HB Cashmere Mills, which employs 176 people, has been put into administration.
The Italian-owned firm, based in Innerleithen in the Borders, is one of Scotland's oldest cashmere manufacturers and also has operations in Coatbridge and Galashiels.
However, there are hopes that a buyer can be found after joint administrator, James Stephen of BDO LLP, said there has been an "expression of interest" ...
Scottish textiles mill enters administration
by Kay Murchie
December 21, 2009
There is more disappointment today for Christmas travellers after it emerged that Hertfordshire-based Allbury Travel Group has been placed into administration.
The company, which traded as Libra Holidays, Argo Holidays and JetLife, ceased trading at midnight.
It specialised in holidays to Greece and Cyprus and has left 100 customers overseas, while a further 4,000 had forward bookings.
The news comes just a few days after ...
Allbury Travel Group enters administration
by Kay Murchie
December 16, 2009
Shares in Watford Football Club have been suspended after its parent company, Watford Leisure, warned it may enter administration.
The Club, nicknamed The Hornets, is currently 10th with 30 points in the 24-team Coca-Cola Championship.
Watford Leisure recently announced it would run out of cash before Christmas if it did not secure further funding and has been asked to pay back £4.9 ...
Watford FC on the brink of administration
by Kay Murchie
November 26, 2009
Bookshop chain Borders UK has been placed into administration, according to Reuters.
The move is not unexpected after it was reported earlier this week that the 45-store book retailer does not have sufficient cash to see it through to Christmas as it has suffered amid increased competition from supermarkets and online retailers, such as Amazon.
The company’s website has not been taking orders ...
Borders UK placed into administration
by Kay Murchie
November 23, 2009
WHSmith has abandoned talks with bookshop chain Borders, which is set to see Borders UK enter administration unless a sale is imminent.
Borders is understood to not have sufficient cash to see it through to Christmas as it has suffered amid increased competition from supermarkets and online retailers, such as Amazon.
As a result, the chain has been in talks with ...
WHSmith walks away from Borders deal
by Kay Murchie
October 28, 2009
Thousands of jobs are at risk at Threshers and Wine Rack after a source close to the company revealed to The Times that administration could not be ruled out as the group struggles amid the economic downturn.
The off-licence’s owner, First Quench Retailing, has confirmed it is looking at "restructuring options" after warning earlier this year of its ability to continue as a ...
Threshers Off-Licence jobs at risk
by Kay Murchie
October 22, 2009
The Obama administration is proposing to cut the salaries of top executives at firms which have received billions of dollars in Government aid.
The institutions that are affected are Bank of America, American International Group (AIG), Citigroup, General Motors, GMAC, Chrysler and Chrysler Financial.
According to reports, these seven companies will see their 25 highest paid executives have their salary ...
Obama administration plans salary cuts for bailout firms
by Kay Murchie
September 24, 2009
Blacks Leisure calls in administrators for O’Neill boardwear stores
by Kay Murchie...
August 24, 2009
Creditors of struggling DIY and gardening chain, Focus DIY, are expected to back a Company Voluntary Agreement (CVA) in a bid to prevent the company from collapse and protect 4,572 jobs.
Under the proposed deal, Focus will pay its creditors (the majority of which are landlords) a proportion of what it owes them, while leases for its empty stores will ...
Focus DIY in bid to fight off administration
by Kay Murchie
August 14, 2009
Allied Carpets, the flooring specialist, has been forced to close 142 of its stores and axe 850 jobs.
The struggling retailer was placed into administration last month as the property market crash and economic downturn meant fewer people are buying carpets and flooring. It is the second largest carpet retailer in the UK, behind Carpetright.
BDO Stoy Hayward, which ...
Allied Carpets closes 142 stores and axes 850 jobs
by Kay Murchie
July 21, 2009
The British Retail Consortium (BRC) is forecasting a bleak outlook for High Street shops after figures show that around 12% of town centre shops are currently empty.
The organisation said stores need to be unique with individual character being the key in order to survive the downturn.
A report by the BRC found that some town centres are recording empty ...
BRC warns of rising vacant High Street stores
by Kay Murchie
