• 0800 288 4088
  • Insolvency review - Week 26

     

    RCM Weekly review - June 2019 - Week 26

     

     This week: Boots confirm that they plan to close 200 stores over the next 2 years and bidding deadline for British Steel nears with interest said to be limited

    28th June 2019

     Boot to close 200 stores

    Boots confirm that they plan to close 200 stores over the next 2 years.

    Boots have today confirmed that they are planning to close 200 of their stores over the next 2 years. Boots, the largest pharmacy health and beauty chain in UK currently have 2,485 stores and employ around 56,000 people. The closure plan, that has been approved by its owner Walgreens Boots Alliance, is said to primarily affect its local pharmacy shops which are in locations where they have other stores nearby. It was not announced how many jobs would be lost, however Boots have promised to find new positions for staff where possible.

    Boots UK and Ireland managing director, Sebastian James said "We believe this is the right thing to do as it means that we can invest more in staffing those stores while not reducing our 90% coverage within a 10-minute drive of a Boots. We do not anticipate a significant effect from this activity to colleagues as we will redeploy the overwhelming majority to neighbouring stores."

     

    https://news.sky.com/story/boots-to-close-200-stores-in-new-blow-to-uk-high-street-11750687


    27th June 2019

     British Steel bidding

    Up to 10 firms in bid to take over parts of British Steel.

    The extended bidding deadline of 30th June is near, however interest in taking over the whole company is thought to be very limited. This issue is with profitability of the whole group as steel operations in the UK pay some of the highest energy costs and green taxes in the world. They also face relatively high labour costs and business rates.

    It now seems that the profitable specialist divisions could be sold off with potential closure of the unprofitable parts. Certain divisions such as TSP Projects, which is an infrastructure design specialist is attracting quite a bit of attention with two French companies, Egis Group and Systra said to be competing to take control. Despite the lack of interest in taking over British steel in its entirety, The Official Receiver have stated that they are determined to secure a buyer for the entire company including the main Scunthorpe steel plant which employs thousands of people.

     

    Read more here:
    https://uk.reuters.com/article/uk-british-steel-bids/handful-of-bids-expected-for-british-steel-by-june-30-deadline-sources-idUKKCN1TT1XN


     

    Do you want to review how your business is performing? Are you concerned that your company is starting to struggle? We can offer you a free consultation.

     

    You can call our confidential advice line free of charge:

    0800 288 4088

    Alternatively, complete one of our enquiry forms below and we'll get in touch.

    Find us on Social Media

    Newsletter sign-up
    Newsletter:

    Advice that you can trust: Our Awards & Accreditations

     

    Award Seal Richard Cacho

    Richard Cacho Awarded No. 1 Insolvency Practitioner in Norfolk

    Richard Cacho award article