Company Voluntary Agreement
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Jul- 2024 -12 JulyNews
Today’s news in brief-12/7/24
Carpetright, facing intensified competition and reduced demand, has enlisted PwC to explore a potential sale. This move, likely to proceed as a pre-pack deal or a company voluntary agreement, aims to stabilise the company amidst financial pressures exacerbated by recent cyberattacks and operational restructuring efforts. The retailer has already initiated…
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12 JulyDIY
Carpetright drafts in advisers to explore sale
Carpetright has reportedly been put up for sale amid increased competition and a slowdown in demand, according to The Times. The company has drafted in advisers PwC to launch a formal sales process with a sale likely to be completed as a pre-pack deal. It could also come in the…
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Apr- 2024 -15 AprilHealth & Beauty
The Body Shop to cut tax bill if it exits administration
Administrators for The Body Shop have been working on a deal to cut the firm’s tax bill should it emerge out of administration, according to reports from The Times. The deal would allow the company to retain £66m worth of tax benefits it had before it fell into insolvency. Creditors…
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Feb- 2024 -5 FebruaryNews
Today’s news in brief-5/2/24
Authentic Brands, the owner of Ted Baker, is reportedly exploring cost-saving options after terminating its relationship with AARC, the company responsible for Ted Baker’s UK operation. The potential measures include store closures, job cuts, or a Company Voluntary Agreement (CVA) to reduce rent rates or exit stores. Authentic had provided…
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5 FebruaryClothing & Shoes
Ted Baker owner mulls CVA amid UK operator split
Authentic Brands, the owner of Ted Baker, is reportedly considering a number of cost saving options after terminating its relationship with AARC, the firm that runs its UK operation. According to The Telegraph, Authentic Brands is close to appointing restructuring experts to implement measures which could include store closures, job…
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2 FebruaryNews
Today’s news in brief-2/2/24
The overall percentage of UK-listed companies issuing profit warnings reached 18.2%, surpassing the levels observed during the 2008 financial crisis. Particularly, the FTSE retail sector struggled, with two in every five retailers issuing profit warnings. The retail industry issued a total of 24 profit warnings in 2023, indicating a notable…
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2 FebruaryClothing & Shoes
Norwegian hedge fund builds stake in Superdry
First Seagull, a Norwegian alternative investment fund, has built a 5.3% stake in Superdry as a result of its plummeting share price, fuelling rumours of a takeover. According to The Times, the hedge fund sees an opportunity to bid for Superdry after multiple profit warnings over the last few years.…
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Sep- 2021 -8 SeptemberSupermarkets
Poundstretcher returns to profit in FY21
Discount retailer Poundstretcher has reported a swing to £30m pre-tax profits in FY21, up from losses of £49.5m the previous year. The group also revealed an unaudited EBITDA of £46.7m for the year ended 31 March 2021, as a direct result of an earlier restructuring. 2020 saw Poundstretcher enter a…
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Feb- 2021 -23 FebruaryClothing & Shoes
Clarks CEO steps down amid C-suite shake-up
Giorgio Presca has reportedly stepped down from his role as CEO of Clarks, according to Drapers. Presca, along with the shoe retailer’s chief commercial officer, Massimo Barzaghi and chief people officer, Difna Blamey, are said to have exited the business last week. Victor Herrero, the retailer’s non-executive director, will reportedly…
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Jan- 2021 -21 JanuaryClothing & Shoes
Apricot switches to turnover rent after CVA
Apricot, the women’s fashion retailer, has changed the lease agreements for the majority of its UK portfolio to turnover-based rents, according to Drapers. The decision, which will impact 13 of the brand’s 14 UK stores, was reportedly given the green light on 15 January. The move came as a result…
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