Business rates in England could be changed to help High Street retailers, Business Secretary Greg Clark has said.
UK
Debenhams to Hire Team for Restructuring, Telegraph Reports(Bloomberg)
“KPMG has been instructed to draw up an emergency turnaround plan, including the possible filing of a company voluntary arrangement, a form of bankruptcy protection, the Sunday Telegraph reported”
Major UK restructuring and insolvency reforms announced (Lexology)
“The UK government announced on 26 August 2018 that it will legislate to update the restructuring and insolvency systems.”
Premier Oil approves Tolmount gas project in UK North Sea (Reuters)
“The approval of Tolmount is the latest in a series of moves by oil and gas companies showing their commitment to the North Sea, traditionally a high-cost environment which is experiencing a revival as costs have fallen.”
House of Fraser takeover: How did struggling retailer get into this mess? (Sky News)
Structural weakness on UK’s high streets continue as Sports Direct acquires distressed House of Fraser. It’s worth noting that this purchase “represents the sixth change of ownership in just 33 years, during which time, House of Fraser has had even more chief executives and managing directors.”
Credit insurance crunch time for high street
Suppliers are struggling to find routes to market for big-volume orders, as credit insurance is withdrawn from troubled high street retailers
Distressed Retail in the UK
If one ever needed tangible evidence of how much consumer habits have changed over the past decade, look no further than the UK high street. The litany of failures and restructurings continue unabated. In H1 2018 alone, the following establishments have issued announcements: Byron’s Burgers: Closing of 20 (or 30%) of its 67 premises while […]