Investment banks and hedge funds are betting on the downfall of UK shopping centres, turning their attention to corporate bonds issued by one of the country’s largest retail landlords, the Financial Times reported. Bricks-and-mortar retailing in the UK is in crisis because of higher costs and consumers moving purchases online — trends that have forced a series of big retailers to enter insolvency arrangements, shutting thousands of stores.

Tata Steel’s UK division sank deeper into the red over the past financial year, as output fell at the country’s largest producer because of repair work on a furnace. The manufacturer registered a 1 per cent increase in annual sales to £2.41bn in the period ended 31 March because of higher global steel prices, according to its annual report, the Financial Times reported. But its operating loss before one-off items widened to £157m, from £48m last year, because of lower liquid steel production and sales volumes, the company said.

Burford Capital, a London-listed fund that finances lawsuits in return for a cut of any payouts, said it is considering buying back shares, a day after short-seller Muddy Waters criticised its accounts and said it had bet on its shares falling, Reuters reported. “The board is ... considering the company buying back its own shares, given the potential investment return the shares represent at their current price,” it said in a statement.

The cost of insuring PizzaExpress’ debt against default has jumped to its highest level amid concerns over the chain’s borrowing as it grapples with an increasingly difficult UK market and a costly overseas expansion, the Financial Times reported. As one of the oldest and largest casual-dining operators in the UK, PizzaExpress has been buffeted by slowing consumer spending and increased costs from a combination of rising business rates and increases to the national living wage.

An investment group owned by Turkey’s military pension fund is in last-minute talks about a takeover of British Steel, offering hopes of a deal that could save thousands of jobs, the Financial Times reported. Ataer Holding, a wholly owned vehicle of state military retirement scheme Oyak that is also the largest shareholder in Turkish steel group Erdemir, is negotiating with the UK government about acquiring the collapsed steelmaker, according to two people familiar with the matter.

Steinhoff International Holdings NV is considering an initial public offering of Pepkor Europe, its fastest-growing unit, as the scandal-hit South African retailer seeks funds for the next phase of its recovery plan, people familiar with the matter said. The company has been discussing a listing of Pepkor Europe with potential advisers, according to the people, who asked not to be identified because the information is private, Bloomberg News reported. The business -- which owns the Pepco and Dealz chains as well as Poundland in the U.K.

Administrators for Belfast’s Harland and Wolff shipyard are expected to file for insolvency this afternoon. Accountancy firm BDO was appointed to the firm yesterday evening and is expected to file the papers at Belfast High Court, Newstalk reported. The iconic site ceased trading yesterday after its Norwegian parent company failed to find a buyer. Its 123 staff have been handed redundancy notices – however, workers are refusing to leave the site and are demanding UK Government action to save the historic business.

Sports Direct has won the bidding war for Jack Wills, adding yet another brand to Mike Ashley’s high street empire, The Irish Times reported. Advisers at KPMG said Jack Wills had been put into administration on Monday and was immediately sold to Sports Direct in a process known as a pre-pack administration. The retailer has a small number of stores in the Republic, including on Grafton Street, at the Dundrum Town Centre and at Kildare Village.

Harland and Wolff, the Belfast shipyard that built the Titanic, was put into administration on Monday after its bankrupt Norwegian owner failed to find a buyer and calls for its nationalization were rebuffed, Reuters reported. The shipyard, whose towering yellow cranes dominate the Northern Irish city’s skyline, has been occupied by workers fearful for their jobs since last week. They said on Monday they would block administrators from entering the site. “BDO have been appointed as administrators and the company will file for insolvency tomorrow,” a Harland and Wolff spokesman said.

Almost one in six English businesses has been summoned to appear before magistrates for non-payment of business rates in the past year, prompting fresh concerns about the controversial levy, the Financial Times reported. According to business rates consultancy Altus, local authority replies to freedom of information requests suggest that 171,018 summons were issued in the year to March 31, equivalent to just under 10 per cent of all business premises in England.