Hundreds of British hospitality workers face losing their jobs in the coming days as the owner of TGI Fridays finalises plans to buy back a slimmed-down version of one of Britain's best-known casual dining chains, Sky News reported. Sugarloaf TGIF Management, which only took control of TGI Fridays two months ago, is preparing to implement a pre-pack administration of the business in a deal which is expected to take place next week. Insiders said that a transaction was expected to involve the closure of a significant proportion of the estate's 49 restaurants.
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The upmarket fashion brand LK Bennett appears to be heading for collapse for the second time in six years, The Guardian reported. The company filed an application with the high court on Tuesday to appoint an administrator to the business, which employs about 280 staff. The move suggests that the clothing chain, which was founded by Linda Bennett in 1990 and is now owned by China-based backers, appears to have failed in its widely publicised efforts to unearth a saviour. In 2019 the business collapsed into administration after its owners failed to find a new financial backer.
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A struggling U.K. pharmacy chain accused of owing its locums £670,000 in unpaid fees has been hit with an application to place the business into insolvency proceedings, The Guardian reported. Jhoots Chemist, which trades under the name of Jhoots Pharmacy, was named in a high court application to appoint an administrator, submitted on Monday by Lloyds Bank. The move comes after the company – which has run more than 100 outlets – was criticised in the autumn by MPs for not paying locum pharmacists who had worked at the company’s branches on a freelance basis.
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Two bosses of the private equity group behind deals including an acrimonious takeover of Maker & Son, a luxury furniture business, have been banned from running companies over “unauthorised” banking transactions worth almost £14 million, The Times reported. The bans relate to what the government’s Insolvency Service called “exploitation” of the banking system, which it said left “behind insolvencies worth more than £52 million”.
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The Governor of the Bank of England warned people feel Britain’s economy is “stuck” after long periods of low growth, The Telegraph reported. Andrew Bailey said that he understood that people “feel the economy has got stuck” a day after the Bank cut interest rates from 4pc to 3.75pc. Britain’s economy shrank for the second month in a row in October as households were rocked by fears of Budget tax rises.
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The U.K.’s long-promised crypto regulatory regime edged closer to reality this week, as the Financial Conduct Authority (FCA) unveiled its consultation that will ultimately define how crypto firms operate in Britain, CoinDesk.com reported. Together with legislation from HM Treasury, the proposals form the backbone of a framework scheduled to take effect in October 2027. For policymakers, the objective is to balance growth and innovation with market integrity and consumer protection.
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