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Mothercare moves to junior stock market Mothercare has moved from The London Stock Exchange to its junior AIM market, as part of its ongoing restructuring plans. On 5 November 2019, Mothercare appointed Zelf Hussain, Toby Banfield, and David Baxendale of PWC as administrators for Mothercare UK and Mothercare Business Services (MBS), which is responsible for Mothercare UK’s back-office functions, including finance, HR, property and IT. Mothercare’s UK business was subsequently wound down in February 2020, resulting in 79 store closures and 2,500 redundancies. The group is now dominated by its international franchising operations. Clive Whiley, chairman of Mothercare, said: The admission to AIM marks the conclusion of this final phase of the refinancing and restructuring of Mothercare. This period of hard work, effort and forbearance by our staff and stakeholders has paid off, and Mothercare can look forward to a brighter and stable future once more. ....
Pandemic forces retailers to use CVAs, landlords cry foul Pandemic forces retailers to use CVAs, landlords cry foul Successive lockdowns have hammered retailers, with some turning to CVAs when landlords refuse to budge Author Categories Despite the Office of National Statistics (ONS) reporting the UK economy shrank by 9.9 percent in 2020, insolvencies remain low, according to the latest quarterly report from the Insolvency Service. The report found there was a 16 percent drop in the number of administrations and a 55 percent decrease in compulsory liquidations in 2020. Government support in the form of furlough, rate holidays and a moratorium on statutory demands have helped to keep many businesses afloat. ....
Categories For the first time since lockdown measures were introduced, monthly insolvency filings were higher in 2020 than the same month a year before. The Insolvency Service reported 1,228 registered company insolvencies in December 2020 with the bulk of those being creditors voluntary liquidations (CVL). Duncan Swift, past president at R3 says given the general mood of the industry this comes as no surprise. “The volume of inquiries and the nature of conversations are moving increasingly towards implementing formal insolvency procedures,” says Duncan Swift, past president at R3 “The tide is turning.” However, Swift cautions against reading too much into one month’s data. ....