Sofa Workshop, which collapsed into administration just a week ago, has been purchased by a consortium headed by one of its founders.
Part of the bespoke sofa retailer’s business, comprising of 10 stores with turnover of £30m has been sold by the administrators to Erewash Upholstery, run by investors’ consortium. It is led by Andrew Cussins, founder of the Sofa Workshop. Read the rest of this entry »
The UK airport operator, BAA, has received 6 indicative bids for acquisition of London Gatwick, the second-largest airport in the UK. Read the rest of this entry »
Business groups in the UK welcomed government’s bail-out package with caution hoping that it would facilitate banks to provide credit and shield businesses from failure. Read the rest of this entry »
Administrators today disclosed closure of another 15 stores of the DVD, music and games retailer, Zavvi, putting 295 employees out of work.
Ernst & Young announced that 15 stores would be closed immediately, while trading at the remaining 48 stores of the chain throughout the UK will continue. Read the rest of this entry »
VT Group has decided to sell its 150-year-old shipbuilding business in order to take advantage of bargains which cash-rich companies are prepared to make in the current economic climate.
The group’s 45% stake in BVT Surface Fleet will be sold to, BAE, which is partner in a joint venture, for £ 380m earliest by July; the time VT will be able to exercise sale option approved by shareholders last year. Read the rest of this entry »