PwC should have flagged significant doubts over the future of BHS in an audit that was completed just days before the now collapsed British retailer was sold for a token one pound in 2015, a regulator said on Wednesday. BHS, which was sold in 2015 by billionaire retailer Philip Green’s Taveta Group, had 163 stores and 11,000 staff when it collapsed a year later, triggering a political firestorm, Reuters reported. The Financial Reporting Council (FRC) watchdog in June fined PwC a record 6.5 million pounds ($8.3 million) and former partner Stephen Denison 325,000 pounds.

British home improvement retailer Homebase said on Tuesday it planned to close 42 stores, putting 1,500 jobs at risk, with new owner Hilco Capital seeking to reduce its cost base in a brutal trading environment, Reuters reported. Hilco acquired the struggling chain from Australian group Wesfarmers for a nominal 1 pound in May. Homebase said the proposed closures form part of a so-called Company Voluntary Arrangement (CVA) restructuring, allowing the business to avoid insolvency or administration.

Sports Direct International Plc says it will continue to operate most of House of Fraser Ltd.’s 59 U.K. and Ireland department stores after rescuing the chain from near collapse, Bloomberg News reported. “Our aim is to keep at least 80 percent of the stores open,” Liam Rowley, Sports Direct’s head of strategic investments, said Tuesday in an interview on Bloomberg TV with Anna Edwards and Manus Cranny.

Sports Direct, the British sportswear retailer controlled by tycoon Mike Ashley, has snapped up House of Fraser from the department store group’s administrators for 90 million pounds ($115 million), Reuters reported. Billionaire Ashley, who also owns English Premier League soccer club Newcastle United, said on Friday his ambition was to transform House of Fraser “into the Harrods of the High Street” - a reference to the Qatari-owned luxury department store in London that was once owned by House of Fraser. Sports Direct bought House of Fraser’s 58 UK stores, its brand and all its stock.

The future of House of Fraser will be settled in the next 48 hours as at least four bidders tabled rescue proposals for the struggling UK department store group. Two people familiar with the situation confirmed that Philip Day, the Dubai-based entrepreneur and owner of Edinburgh Woollen Mill, had put forward a plan that would avoid House of Fraser going into administration first, the Financial Times reported. Representatives for Mr Day declined to comment.

Hilco Capital, the new owner of British home improvement retailer Homebase, will next week detail plans to close around a quarter of its stores, threatening over 1,000 jobs, according to a Sky News report. Sky News said Hilco, which acquired Homebase from Australian group Wesfarmers for a nominal 1 pound in May, was expected to outline proposals for a so called Company Voluntary Arrangement (CVA) restructuring that would close roughly 60 of Homebase’s 249 stores, Reuters reported.

The Share Centre Ltd (TSC) will become the principal nominated broker for the transfer of client money and assets of part of collapsed broker Beaufort, administrators PwC said on Wednesday, Reuters reported. PwC are also in discussion with a second nominated broker for those clients previously managed by Beaufort Asset Clearing Services’ Welsh office in Colwyn Bay, it said in a statement. Britain’s Financial Conduct Authority placed Beaufort, a leading adviser to companies listed on London’s junior market, into insolvency in March. The U.S.

Sterling’s weakness is pushing the UK currency into “rarefied territory” against the euro, according to one analyst, as investors’ anxiety over a hard Brexit increases, the Financial Times reported. A further decline on Wednesday pushed the pound beyond the 90p level against the euro for the first time since October, when traders were becoming enthused at the prospect of the European Central Bank unwinding its stimulus. The value of the pound against the euro is typically seen as a good barometer of the unfolding Brexit negotiations, which are yet to produce a deal.

Insolvency practitioner Gavin Jones discusses the kind of damages that might be claimed from a holding company or its directors in the event of the insolvency of a subsidiary – and the defences that might be available to mitigate these. With the Company Voluntary Arrangement (CVA) of House of Fraser reportedly hanging in the balance, the well-publicised difficulties facing the retail sector are widespread, Real Business reported.

Shares of Britain's Interserve Plc dropped as much as 9 percent on Tuesday, as the construction and services company posted a loss in the first-half hurt by higher costs, the International New York Times reported on a Reuters story. Interserve reported a loss before tax of 6 million pounds, for the six months ended June 30, compared to a profit before tax of 24.9 million pounds last year. Operating profit fell 30 percent to 40.1 million pounds in the latest half-year.