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. [...]
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 [...]
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, [...]
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
Jobs are at risk after Allied Carpets has gone into administration as the property market crash and economic downturn has meant fewer people are buying carpets and flooring. Last month, rival Carpetright announced a 72% slump in profits after sales fell 7.4% compared with a year ago. Meanwhile, BDO Stoy Hayward, which has been appointed [...]
The European trading arm of New Zealand firm Canterbury Group has been placed into administration. The sports and leisurewear firm, based in Stockport, distributes items for the rugby union sector and sponsors a number of rugby union and rugby league teams in the UK and Europe, including the Scottish national RU team, London Wasps, Leinster [...]
The economic downturn has claimed yet another victim with the latest being Coffee Republic. The coffee and deli chain has entered administration and KPMG, who have been appointed administrators, said job losses are “inevitable” at loss-making outlets. Richard Hill, KPMG partner and joint administrator, said: “The recession is hitting discretionary spending on the High Street [...]
Just a few days after Irish pay-TV sports broadcaster Setanta lost the rights to show the English Premier League games, it has emerged today that the company has entered administration, despite the board‘s efforts to keep the company in operation. The move will affect around 200 employees in Britain. However, Setanta International and Setanta Ireland [...]
It has emerged today that the Scottish Premier League (SPL) has pulled the plug on its live football deal with struggling Irish pay-TV sports broadcaster Setanta. The news comes after the English Premier League terminated its 46-match deal last week after the company missed a payment of £10 million. Setanta therefore lost its rights to [...]
Irish pay-TV sports broadcaster Setanta has been unable to meet its financial obligations and has therefore lost its rights to broadcast 46 Premier League football matches next season. The loss of the rights will prove to be disastrous for Setanta since the Premier League games are the main reason its customers subscribe. As a result, [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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