Jamie's Italian and British Steel have both entered administration.
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Jamie’s Italian
Jamie’s Italian restaurants due to close include its branches in Angel, Covent Garden, Hilton Tower Bridge, Piccadilly Circus, Victoria Street, Westfield, Shepherd’s Bush and Stratford.
Around 1,000 workers were made redundant after Jamie Oliver’s restaurant chain collapsed into administration following failed attempts to secure additional investment.
City News got reactions from people near the Jamie’s Angel restaurant:
British Steel
The High Court has ordered British Steel into compulsory liquidation. The insolvency process will put 5000 jobs at risk and endanger 20,000 in the supply chain.
The Government’s Official Receiver will take control of the company as part of the insolvency process.
At Prime Minister’s Questions, Theresa May confirmed the government will give financial support to keep the business running for now.
The accountancy firm EY will take on the role of Special Manager and attempt to find a buyer for the business.
British Steel has about 5,000 employees. There are 3,000 at Scunthorpe, with another 800 on Teesside and in north-eastern England.
The rest are in France, the Netherlands and various sales offices round the world.
Staff have been paid and will continue to be employed.
British Steel is the UK’s second-biggest steel maker. It had been trying to secure financial support to help it to address “Brexit-related issues”.
Jeremy Corbyn this morning called for nationalisation. He said the government should be ready to nationalise the company to save it from collapse.
He stressed that if an agreement cannot be struck with British steel, the government must take a public stake in the company “to secure the long term future of the steelworks and protect peoples’ livelihoods and communities”
Marks & Spencer
Marks & Spencer is reporting a fall in both sales and profits as it continues to implement a major turnaround programme.
Pre-tax profits were down by nearly 10% in the year to 31 March, at £523.2m.
The retailer is part of the way though a store closure programme which will see it shut 100 shops by 2022.
British inflation
British inflation rose last month by less than investors. The Bank of England still hit its highest level this year, pushed up by a rise in energy bills.
The ONS said house prices in March rose by an annual 1.4% across the United Kingdom as a whole compared with 1.0% in February.
This marks the first increase in house price inflation since September.
Prices in London alone fell by 1.9 percent, a smaller drop than in February.
Pret and Eat
If you like both Pret a Manger and Eat, Pret has just agreed a deal to buy the food and drink retailer Eat.
This is in response to growing consumer demand for more vegetarian and vegan options on the high street.
Pret plans to convert as many as 94 of Eat’s shops as possible to ‘Veggie Prets’.
Arcadia revamp
Sir Philip Green is launching a make-or-break revamp of his Topshop empire.
He’s considering closing down overseas stores as part of this rescue restructure for his retail empire.
Green owns Arcadia, the group with several high street fashion brands including Topshop, Miss Selfridge and Wallis.
Crucially, if a deal can’t be agreed well before the group’s next rental payment in late June, Arcadia could face administration.
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HeadlineWoes for steel and spaghetti: business news roundup
Short HeadlineBusiness roundup: woes for steel and spaghetti
StandfirstBritish Steel is placed into insolvency, numerous London Jamie's restaurants will close and Pret is due to buy Eat
Jamie’s Italian
Jamie’s Italian restaurants due to close include its branches in Angel, Covent Garden, Hilton Tower Bridge, Piccadilly Circus, Victoria Street, Westfield, Shepherd’s Bush and Stratford.
Around 1,000 workers were made redundant after Jamie Oliver’s restaurant chain collapsed into administration following failed attempts to secure additional investment.
City News got reactions from people near the Jamie’s Angel restaurant:
British Steel
The High Court has ordered British Steel into compulsory liquidation. The insolvency process will put 5000 jobs at risk and endanger 20,000 in the supply chain.
The Government’s Official Receiver will take control of the company as part of the insolvency process.
At Prime Minister’s Questions, Theresa May confirmed the government will give financial support to keep the business running for now.
The accountancy firm EY will take on the role of Special Manager and attempt to find a buyer for the business.
British Steel has about 5,000 employees. There are 3,000 at Scunthorpe, with another 800 on Teesside and in north-eastern England.
The rest are in France, the Netherlands and various sales offices round the world.
Staff have been paid and will continue to be employed.
British Steel is the UK’s second-biggest steel maker. It had been trying to secure financial support to help it to address “Brexit-related issues”.
Jeremy Corbyn this morning called for nationalisation. He said the government should be ready to nationalise the company to save it from collapse.
He stressed that if an agreement cannot be struck with British steel, the government must take a public stake in the company “to secure the long term future of the steelworks and protect peoples’ livelihoods and communities”
Marks & Spencer
Marks & Spencer is reporting a fall in both sales and profits as it continues to implement a major turnaround programme.
Pre-tax profits were down by nearly 10% in the year to 31 March, at £523.2m.
The retailer is part of the way though a store closure programme which will see it shut 100 shops by 2022.
British inflation
British inflation rose last month by less than investors. The Bank of England still hit its highest level this year, pushed up by a rise in energy bills.
The ONS said house prices in March rose by an annual 1.4% across the United Kingdom as a whole compared with 1.0% in February.
This marks the first increase in house price inflation since September.
Prices in London alone fell by 1.9 percent, a smaller drop than in February.
Pret and Eat
If you like both Pret a Manger and Eat, Pret has just agreed a deal to buy the food and drink retailer Eat.
This is in response to growing consumer demand for more vegetarian and vegan options on the high street.
Pret plans to convert as many as 94 of Eat’s shops as possible to ‘Veggie Prets’.
Arcadia revamp
Sir Philip Green is launching a make-or-break revamp of his Topshop empire.
He’s considering closing down overseas stores as part of this rescue restructure for his retail empire.
Green owns Arcadia, the group with several high street fashion brands including Topshop, Miss Selfridge and Wallis.
Crucially, if a deal can’t be agreed well before the group’s next rental payment in late June, Arcadia could face administration.
