UK bankruptcies in the news

DominicJ · Post by **DominicJ** » 05 Jan 2009, 08:49

Boots should be one of the first biggies to go under, that was on of the craziest leveraged buy outs.

The Officers Club was bought by ... the MD of The Officers Club .. post-admin so many of the debts have been wiped.
The phrase 'conflict of interest' springs to mind ...

Its actualy quite common.
A company fails, its creditors take ownership, then sell it.
The most obvious candidate to buy it is usualy the people running it.

There are the occaisional instances of management killing a company owned by shareholders, and then buying it for themselves at a knock down price, but thats the risks of the AIM.

tomhitchman · Post by **tomhitchman** » 05 Jan 2009, 10:03

I am wondering what is going to happen with the ever increasing 'holes in the high street" where former shops have gone bust.

Many retail employees will not find another job in the short term at least and all the point of sale equipment will be sold at auction very cheaply what will fill these places? Is it time again for mutual, co-operative ventures such as food co-ops, traditional veg shops, transition supported "needs" shops?

Anybody else thinking this way?

DominicJ · Post by **DominicJ** » 05 Jan 2009, 10:13

High street rents and business rates would probably prevent that happening.

Sadly, most landlords seem to prefer vacant properties over cutting rates and the government is just out of touch with taxation now.

IanG · Post by **IanG** » 05 Jan 2009, 11:06

I thought there was a change in business rates, either apr last year or next apr that meant any building empty for month than 6mths and the landlord has to start paying business rates

tomhitchman · Post by **tomhitchman** » 05 Jan 2009, 12:55

Around 850 staff have been made redundant at failed childrenswear chain Adams after administrators announced the closure of 111 stores.

http://uk.news.yahoo.com/21/20090105/tu ... 23e80.html

bigjim · Post by **bigjim** » 05 Jan 2009, 18:44

Now Woolworths has gone there's a very big hole in Stornoway's Cromwell Street. There's just nowhere else on the Isle of Lewis to buy consumer junk like DVDs, CDs, kids clothes and cheap electronics. A lot of people have been clamouring for Tesco to open a non-food store on the premises but they're not interested- and that's one place I'd like to see them expand!

skeptik · Post by **skeptik** » 05 Jan 2009, 20:30

Vortex wrote:The future of the High Street ...

Good to see somebody round here's optimistic. I was thinking more in terms of...

Ben · Post by **Ben** » 05 Jan 2009, 20:52

DominicJ wrote:High street rents and business rates would probably prevent that happening.

Sadly, most landlords seem to prefer vacant properties over cutting rates and the government is just out of touch with taxation now.

Yep, it's sad to see, Dominic. In Manchester it's a shame to see empty units in the once "prestigious" St Ann's Square. The area where Sherritt and Hughes/Waterstones used to be has been boarded up for years. And, nearby, there are all those empty units in the Barton Arcade. Why leave them empty? Better to let them out to small independents, the type that used to be downstairs in the Royal Exchange before the bomb. Manchester's not too bad now, but better watch out it doesn't become a city of chain stores (or empty units!)

IanG · Post by **IanG** » 06 Jan 2009, 09:29

Just received a 50% off voucher via spam email for pizza hut.
Valid for all January and no time restricitions.......

Wonder if they are next to go?

DominicJ · Post by **DominicJ** » 06 Jan 2009, 09:59

I thought they had?

The one near my office has anyway, shame, it was a good place for a work lunch.

IanG · Post by **IanG** » 06 Jan 2009, 10:15

they were owned by pepsi - guess they still are
some may be franchise

but 50% off smacks of despairation.

I walked past one on staurday the week before xmas at lunch time and it was near empty.

snow hope · Post by **snow hope** » 06 Jan 2009, 16:46

IanG wrote:Just received a 50% off voucher via spam email for pizza hut.
Valid for all January and no time restricitions.......

Wonder if they are next to go?

One of my sons bought a Pizza there last night and it had gone up from £8 to £10 since he had last bought one (some time ago). Needless to say he said he wouldn't be going back again.

Loads of restaurants and the like are struggling.

Unfortunately I see a very bleak picture emerging......

In fact I would say the retail landscape will be decimated - maybe 33% of it will go - thats just my thoughts on the spur of the moment.

Andy Hunt · Post by **Andy Hunt** » 06 Jan 2009, 16:50

snow hope wrote:In fact I would say the retail landscape will be decimated - maybe 33% of it will go

Errr I thought 'decimated' meant that 1 in 10 will go . . . ?

[/pedant]

RenewableCandy · Post by **RenewableCandy** » 06 Jan 2009, 17:03

Andy Hunt wrote:
snow hope wrote:In fact I would say the retail landscape will be decimated - maybe 33% of it will go
Errr I thought 'decimated' meant that 1 in 10 will go . . . ?

[/pedant]

Triaged, then?

Vortex · Post by **Vortex** » 06 Jan 2009, 17:29

Tricemated?