Shops in Ipswich town centre will be lost after lockdown ipswichstar.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ipswichstar.co.uk Daily Mail and Mail on Sunday newspapers.
The Hotter shoes and Paperchase stores have been empty since last year.
- Credit: Paul Geater
Hotter Shoes and
Paperchase, Tavern Street: Both closed their doors last year during earlier lockdowns and there are few signs of any new tenants moving in.
Topshop and Topman seem unlikely to reopen
- Credit: Archant
Topshop and Topman, Sailmakers Shopping Centre. The collapse of the Arcadia group and the subsequent sale of these brands to ASOS means that it looks unlikely the store in Sailmakers will reopen, even for a closing down sale. Unlike the Debenhams deal, it appears that new owners ASOS have taken over the existing stock which they are selling online.
Thursday, February 25, 2021
Following on from part 1 of our predictions for 2021 for the UK restructuring market part 2 looks at CVAs, directors duties and HMRC and insolvencies.
We had hoped to cover off everything in 2 parts, but 2021 looks to be a busy year so we will publish the final part of this series next week.
Company Voluntary Arrangements – the continued evolution of the CVA
CVAs dominated the headlines in 2019 and 2020 and will likely continue to do so in 2021, particularly in the retail and hospitality industry which have been hit hard as a consequence of COVID-19.
With many CVAs seeking to restructure lease portfolios we have seen the nature and structure of CVAs evolve to address criticism and questions of fairness raised by landlords. Changes have included up-side sharing mechanisms, such as profit and equity shares as well as a move away from provisions that seek to interfere with a landlord’s proprietary rights.
Losses at top 100 restaurant groups rocket 112 per cent to £571m
Losses at the top 100 UK restaurant groups increased 112 per cent to £517m last year, rising from reported losses of £269m at the end of last month.
According to UHY Hacker Young, the losses are expected to continue, as restaurants have been forced to shut again because of the latest coronavirus restrictions.
UK Hospitality, the trade association for the hospitality industry, has urged the government to do more to help the sector by extending the reduced 5 per cent rate of VAT on the sector until the end of 2021 to prevent a wave of redundancies. VAT is scheduled to revert back to 20 per cent at the end of March.
Financial losses at the UK s top 100 restaurant chains are expected to get worse after more than doubling last year, according to new findings.
Accountancy firm UHY Hacker Young said the groups losses soared from £269million in the year to March 2020 to £571million last year after strict Covid-19 restrictions caused widespread reductions to their footfall.
It adds that restaurant businesses are likely to experience many more restructurings in the coming months - especially through Company Voluntary Arrangements (CVA) - to allow them to continue operating.
UHY Hacker Young s Peter Kubik: The hospitality industry is on a knife edge – its survival is largely dependent on people feeling safe and returning to restaurants