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  • Insolvency review - Week 17

     

    RCM Weekly review - April 2019 - Week 17

     

     This week: Government borrowing falls to lowest level for 17 years and Debenhams announce first 22 store closures with 1,200 staff affected

    26 th April 2019

     Debenhams announce first 22 store closures

    Debenhams announce first 22 store closures with 1,200 staff affected

    Debenhams had previous announced that they were planning to close around 50 stores as part of its plan to turnaround the company’s fortunes. Today it has named the first 22 stores that and now due to close from next year. Around 1,200 staff will be affected these closures.

    Debenhams executive chairman Terry Duddy stated "Debenhams has a clear strategy and a bright future, but in order for the business to prosper, we need to restructure the group's store portfolio and its balance sheet, which are not appropriate for today's much changed retail environment. Our priority is to save as many stores and as many jobs as we can, while making the business fit for the future."

    The 22 closures announced today are: Altrincham, Ashford, Birmingham Fort, Canterbury, Chatham, Eastbourne, Folkestone, Great Yarmouth, Guildford, Kirkcaldy, Orpington, Slough, Southport, Southsea, Staines, Stockton, Walton, Wandsworth, Welwyn Garden City, Wimbledon, Witney & Wolverhampton ”

    https://www.theguardian.com/business/2019/apr/26/debenhams-to-close-22-stores-full-list


    24th April 2019

     Government borrowing falls

    Government borrowing falls to lowest level for 17 years.

    The ONS has released Public sector finances, UK: March 2019.

    To UK public sector net debt (excluding public sector banks) at the end of March 2019 was £1,801.0 billion (or 83.1% of gross domestic product (GDP)); an increase of £22.1 billion (or a decrease of 1.5 percentage points of GDP) on March 2018.

    Borrowing in the latest full financial year (April 2018 to March 2019) was £24.7 billion. This was £17.2 billion less than in the previous financial year. This is the lowest financial year borrowing for 17 years (April 2001 to March 2002).

    Debt as a percentage of gross domestic product (GDP) has been falling over the latest financial year

    Public sector net debt (excluding public sector banks), UK, March 1994 to the end of March 2019

    Public sector debt 1994 to 2019

    Source: Office for National Statistics – Public Sector Finances

    Read the Full ONS report here:
    Public sector finances, UK: March 2019


     

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    Award Seal Richard Cacho

    Richard Cacho Awarded No. 1 Insolvency Practitioner in Norfolk

    Richard Cacho award article