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  • Insolvency review - Week 22

     

    RCM Weekly review - May 2019 - Week 22

     

     This week: UK car production down by almost half in April and Monsoon are the latest retailer considering a Company Voluntary Arrangement (CVA) in order to reduce rents.

    31st May 2019

     Monsoon considering CVA

    Monsoon latest retailer considering a CVA to reduce rents

    Peter Simon, owner of Monsoon Accessorize, is said to be close to launching a Company Voluntary Arrangement (CVA) in order to try to force through large rent reductions at two-thirds of their stores. Monsoon Accessorize operate 271 stores in the UK and reported a loss of £10m in its most recent results for the year to August 2017

    Four of the major landlords, British‎ Land, Hammerson, M&G Investments and Roubaix Group have reportedly been demanding equity in the company in return for supporting the restructure. This is similar to the negotiations currently taking place between Arcadia and their landlords, who have reportedly been offered 20% ownership of Arcadia Group if they back their CVA next week.

    A spokesperson for Monsoon Accessorize spokesman recently stated, "the UK retail trading environment is tough and we are continuing to look at options to reduce our overall costs as we restructure the business in the UK and internationally".

    https://www.retailgazette.co.uk/blog/2019/05/monsoon-landlords-eye-equity-stake-in-return-for-cva/


    30th May 2019

     UK car production down

    UK car production down by almost half in April

    The number of cars built in the UK was down by 45% in April when compared the same period last year. Many manufacturers including, Jaguar Land rover, Nissan and Honda enacted their pre-planned shut downs for part of April which had been scheduled to mitigate against the UK’s departure from the EU which had been due to take place on the March 29th 2019.

    Just under 71,000 vehicles came off the production line in April and this is the 11th consecutive month of decline. So far for 2019, 127,000 fewer cars have been produced than during the same period in 2018.

     

    Car output rolling year totals to April 2019

    UK GDP 2017 to 2019 Q1

    Source: Society of Motor Manufacturers and Traders (SMMT).

    Read the Full SMMT report here:
    Manufacturing Data – Cars, Commercial Vehicles and Engines


     

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