The recent news on Allied Carpets planning to shed jobs and shops across the country might be good news for major rivals like Carpetright, but it doesn’t spell good news for the carpet retail sector in general. The economic downturn hasn’t been kind to a number of sectors affected by the reduction in consumer spending and the weakened property and housebuilding businesses.It must be tough being in the carpet retail sector at the present time. Some smaller operators located near closing down Allied Carpet shops may benefit of course whilst others not in such good locations may continue to struggle. As the CBI stated this morning on the BBC news, job losses will continue to rise well into next year if things are left to continue the way they are.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies