All Finance articles – Page 19
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NewsChancellor’s Winter Economy Plan: ‘Job Support Scheme,’ ‘pay as you grow’ and VAT cuts
Businesses forced to reduce employee working hours because of the coronavirus crisis will be legible for government wage subsidies of one third of lost pay, The Chancellor has announced. To continue supporting businesses with cashflow, bounceback loans will be merged with a new ‘pay as you grow’ scheme and government guarantees for CIBLS will be extended for up to ten years, and the deadline for all loan schemes will be extended until the end of 2020 whilst government works on a “new successor loan guarantee programme” to start in January 2021. The VAT bill, due to be paid in March 2021, will instead be spread over 11 smaller payments without interest for those businesses who need it, and the Chancellor has cancelled the planned increase in VAT (back to the standard rate of 20%) set for January, with VAT remaining at the reduced 5% rate until 31 March instead.
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NewsM&B 'continues to outperform the market'
Mitchells & Butlers achieved like-for-like sales growth of 1.4% in August, as a result of the Eat Out to Help Out scheme and the reduction in VAT.
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NewsSunak considers furlough replacement programme
Chancellor Rishi Sunak is drawing up plans for a new wage subsidy programme to replace the Jobs Retention Scheme next month, the Financial Times reports.
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NewsWahaca to write off £25m in restructure
Wahaca is to write off £25m of debt as part of financial restructuring, Sky News reports.
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NewsCEBR: ‘Curfew will reverse economic recovery’
The implementation of a 10pm curfew in London could reverse the country’s economic recovery, the Centre of Economics and Business Research has warned.
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NewsThai Leisure Group enters second CVA in a year
Thai Leisure Group’s CVA (company voluntary arrangement) was approved last night, securing 90% support from creditors.
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NewsVarious Eateries to enter AIM with market cap of £65m
Various Eateries, the Hugh Osmond-backed operator of the Coppa Club, has confirmed its proposed admission to trading on AIM, with a share placing to raise around £25m.
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NewsNew business loans to support firms through second wave
Chancellor Rishi Sunak is to extend the Treasury’s programme of business support loans as ministers look to support the economy through an anticipated winter of new restrictions.
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NewsMod Pizza enters insolvency proceedings
Mod Pizza, the Sir Charles Dunstone-backed concept, is believed to have entered insolvency proceedings.
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NewsTim Martin calls for tax equality between pubs and supermarkets
Wetherspoon is to cut the price of all food and drink on Thursday 24 September as it hosts a ‘Tax Equality Day.’
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NewsUnpaid rent bills to total £4.6bn this year
Commercial property landlords could be left with unpaid rent bills of £4.6bn this year, according to the British Property Federation.
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NewsLoungers emerges from crisis as a ‘better business’
Loungers has reported a “significant market out-performance” since reopening, with net like for like sales growth of +29.9% from 4 July to 13 September 2020.
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NewsBrighton Pier Group bars makes staff lay-offs
The bars division of Brighton Pier Group has had to make staff lay-offs due to the continued uncertainty over the reopening of the late-night sector and the end of the furlough scheme.
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NewsMPs call for targeted furlough extension
Chancellor Rishi Sunak has been urged by a cross-party group of MPs to consider a targeted extension of the furlough scheme or risk “mass long-term unemployment”.
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Analysis & InsightEpiris pays £18m for Casual Dining Group
Casual Dining Group left estimated debts of £125m to secured creditors, with a likely level of return of £13m.
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NewsBrewdog posts losses £8.1m due to pandemic
Brewdog made a net loss of £8,151,071 in the six months to 30 June 2020 as a result of the coronavirus pandemic.
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NewsTossed sites acquired out of administration by MD
Salad bar brand Tossed has been acquired out of administration by its former managing and commercial directors Neil Sebba and Angelina Harrisson.
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NewsPizza Express CVA approved
Pizza Express has announced its proposed company voluntary arrangement (CVA) has been approved by creditors, with 73 sites set to close.
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NewsTossed creditors include £9.3m Jersey investor
Zest Food, the operator of Tossed and Vital Ingredient, has left liabilities of £9.3m to its investor after going into administration, a progress report shows.
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NewsB&K to raise £2.5m via rights issue
Brewhouse & Kitchen anticipates trade will recover to pre-pandemic levels within one year.