Not a Lotta Love for Glasgow Rangers on Valentines
February 14th 2012 saw Glasgow Rangers enter administration. The duo brought in to help with the Club’s restructuring are now dealing with the administration, following what has been dubbed an ‘unprecedented duel’ with HMRC. Hopes of holding off creditors for 10 days following the filing of their intention to appoint administrators were dashed when HMRC stepped in to try and appoint their own administrators with claims that the Club owes £9million in unpaid PAYE and VAT. There is also a question of some unpaid tax that could cost the Club around £80million.
A Game of 2 Administrations for Portsmouth FC
Confirmed today, Portsmouth Football Club have gone into administration for the second time in as many years. UHY Hacker Young were administrators first time round, during which there was a falling out with HMRC. As a result, despite being the likely candidates to take the reigns again, HMRC have successfully blocked UHY Hacker Young from winning the bid, with PKF announced as the administrators. The Club’s parent organisation Convers Sports Initiatives (CSI) entered administration back in November 2011.
Oakwood Joinery goes into administration
Oakwood Joinery is the UK’s largest independent manufacturers of windows and doors. The Administrators have commented that despite efforts to secure the future of the business, the economy and “difficulties in accessing finance for new machinery”, plus the recent collapse of a deal with a buyer, has led to the company going into administration.
“Madhouse” retail fashion chain goes into administration
Poor sales performance over Christmas and the New Year has ended with the Deluxe Retail trading arm “Madhouse” entering administration. 700 jobs at the fashion retail store are in danger as corporate accounts show net losses nearing £200,000. Administrators have been appointed. This is yet another hit for the high street retail sector.
Leaving on a jet plane…
13,000 jobs globally are under threat as the parent company of American Airlines reveals restructuring plans that aim to reduce staff costs in an attempt to save a over £1billion a year. Competitor research has shown that the airline needs to make some massive improvements financially as well as looking at their existing fleet – could they be greener and more fuel efficient? The airline plans to invest an average of $2billion a year over the next few years so that by 2017, American Airlines will have the youngest fleet in North America.
Ruffled Feathers at Peacocks
Nearly 50% of jobs at Peacocks HQ in Cardiff have been axed since Tuesday 18th January when Administrators, KMPG, were called in to deal with the struggling clothes retailer. They have announced that 249 redundancies have taken place leaving only 266 staff at the Head office. All stores remain open and will continue to ‘operate as normal’ while the search for a buyer continues in earnest.
Don’t Pay the Ferryman
By order of a French Court, the Tribunal de Commerce, SeaFrance went into liquidation yesterday Monday 9th January. After going into receivership in 2010, and the rejection of the workers co-operative plan to try and save the company, the court decided that none of the options were ‘financially viable’. Hundreds of jobs will be lost in Kent, Dover and France. There is already speculation over possible buyers of SeaFrance including a potential bid from Eurotunnel.
Unemployment up to 2.62m and Sir Mervyn King cuts UK growth predictions!
Two such headlines in the news on the same day make for depressing reading! “Youth” unemployment has risen above a million for the first time and the total out of work increased by 129,000 to 2.62 million in the three months to 30th September – the highest total since 1996. Female unemployment is at its highest for 23 years. The Opposition blamed the Government and the Government blamed the Euro zone crisis!
The Bank of England has cut its growth predictions for 2011 & 2012 to about 1%. Sir Mervyn believes “activity could be broadly flat until the middle of [2012]“. CPI inflation has fallen from 5.2% in September to 5% last month. City analysts now believe interest rates will remain at 0.5% into 2013.
Sea France taking on water, but will she sink?
The cross-channel ferry operator, Sea France, suspended its service on 15th November for 48 hours, while it awaits a legal decision on its future. It comes after the European Commission ruled that a €200m “bailout” by the French Government breached EC state aid rules. A decision on the company’s future is expected shortly from the Tribunal of Commerce in Paris. Nearly 200 jobs in Dover are at risk.
Bona Vacantia rules change