Will Mark Carney’s corporate bond-buying help UK companies? August 11, 2016 Companies across the UK are bracing themselves for a shake-up to the way they raise cash on the corporate finance market as the Bank of England prepares to start buying private sector debt. Threadneedle Street will buy around £10bn of top-quality corporate bonds as part of its mission to help the UK avoid a recession [...]
The BHS brouhaha continues: Former Mothercare boss teams up with wealthy Portuguese investors for bid May 24, 2016 Greg Tufnell, the former boss of Mothercare and Burton, has teamed up with Portuguese bigwigs to set up a consortium to bid for embattled retailer BHS. It has been widely reported that the investment vehicle, Richess Group, is backed by a wealthy Portuguese family along with Portuguese financier Jose Maria Soares Bento, and Nick De [...]
PPF and administrator in discussions over possibly placing BHS into liquidation May 24, 2016 The Pension Protection Fund (PPF) is in talks with BHS' administrators over placing the retailer into liquidation, as fears grow that the company cannot be saved. The PPF, which is the company's largest unsecured creditor, is thought to have entered the discussion because it wants to maximise the potential returns for creditors. The conversations between the [...]
Wealthy foreign family named as potential bidder for BHS May 23, 2016 A wealthy overseas investor is reportedly in talks to save the high street clothing store BHS. The bidder has launched a new vehicle with the intention of taking over the ailing retail company within the next 48 hours, according to Sky News. Sources speaking to Sky News could not confirm the exact identity of the bidder, [...]
Chairman of BIS select committee unimpressed by evidence given on BHS so far May 23, 2016 As the inquiry into the collapse of BHS continues today, chairman of the Business, Innovation and Skills Select Committee has said he is "not impressed" by the people who have given evidence so far. Iain Wright, Labour chair of the committee looking into the sale and acquisition of BHS, told BBC 5live's Wake up to [...]
Crunch week as BHS seeks a fresh start May 23, 2016 BHS hopes to enter a new era this week with the business set to be sold while its administrators prepare a high court complaint against the retailer’s former boss Dominic Chappell. Administrators plan to announce BHS’ new owner in the coming days, with bids understood to have come from Matalan founder John Hargreaves, Poundstretcher, and an [...]
Chappell facing High Court BHS suit May 22, 2016 Administrators for BHS are to launch a High Court suit against the retail chain's former backer. City A.M. understands that Duff & Phelps will file a suit on Monday, targeting Dominic Chappell and arguing that the businessman has not co-operated with its investigation into the retailer's collapse. Chappell owns a 90 per cent stake in Retail [...]
BHS liquidation rumours dismissed: Sale expected “early next week” May 20, 2016 A sale of BHS as a going concern could be revealed as early as next week – but there are still concerns that the iconic retailer may end up being liquidated. A source close to the situation has told City A.M. that bids are still being mulled and it is hoped BHS will be sold [...]
More BHS bidders revealed following deadline for offers May 18, 2016 Hilco Capital has been named as one of the bidders for beleaguered department story chain BHS, following last week's deadline for offers. BHS went into administration last month, and the company had reportedly attracted the interest of five suitors hoping to buy the whole of the high street retailer ahead of last week's bid deadline. Hilco, reported by ITV [...]
The race to save BHS: Matalan boss John Hargreaves teams up with Select Fashions owner for rescue bid May 17, 2016 Matalan founder John Hargreaves is teaming up with Cafer Mahiroglu, owner of Select Fashions, to rescue BHS. Hargreaves has formed a consortium with the Turkish entrepreneur to rescue the struggling retailer which went into administration last month putting up to 11,000 jobs at risk. According to The Telegraph, the entrepreneurs plan to make an announcement by [...]