Retailers and their suppliers are in for a poor week this week. On Thursday, many retailers will be receiving their quarterly rent bills, and some will undoubtedly find it difficult to cough up the money. 3 months ago, many outlets were forced into administration when the last quarterly rental bill hit the doormat. A big worry this time around is that consumer belt tightening because of fears over jobs/recession etc coupled with some rather unpleasant snowy conditions in February will have led to a further drop in retail sales in February. The figures are due out Thursday. Experts are predicting that sales will be down 0.2 % on the month, and year on year growth will decline from 3.6% to 2.7%.
I was down in Hastings town centre last weekend, and It looked a whole lot like many other towns across the UK- plenty of activity in the charity shops, but lots of vacant sites scattered around , even in the pedestrianised centre. It will be interesting to see whether more household names bite the dust once the brown envelopes are opened!
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