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  • 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."



    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.


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