‘The banks have said to me that they have open minds and want to pursue this
in further talks, this time involving the company,’ the property tycoon told
The Times. ‘This was the first time that an alternative business plan
has been put to them and I am pleased that they are prepared to listen.’
However, Steve Johnson, Woolworths’ chief executive, did not attend the
planned meeting with Naghshineh because he was in emergency talks with the banks
as the problems at Woolworths escalates.
Credit insurers have refused to cover its suppliers and it has been denied
credit. Sources close to the retailer’s lenders say that it is running low on
cash and could be put into administration within days.
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