Business News

UK business failures to surge in 2010

British restructuring specialist Begbies Traynor forecast on Tuesday that the business failures will surge in 2010 as the worst is yet to come for insolvencies.

As per Begbies Traynor 134,000 companies had depicted signs of financial distress during the third quarter of the year.

The study stated, “The third quarter Red Flag Alert statistics demonstrate that the UK may be in the eye of the storm.”

Engineering and recruitment were the worst hit sectors during the third quarter.

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Enterprise Inns report improved trading

Enterprise Inns PLC, Britain's pub company, said on Tuesday that it had fewer empty pubs, signifying improved trading conditions for the struggling sector.

Enterprise said only 90 pubs out of it's around 7,100 pubs were currently closed, down from over 100 in July, with lower demand for financial support from licensees.

This year so far Enterprise has sold 365 of its underperforming pubs and the company has spent 15 million pounds on support like rent concession and discounts.

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‘Scrappage’ scheme demanded by retailers for domestic appliances

As per the media reports, a 'scrappage' project is being sought by the retailers for domestic appliances like fridges.

It was forwarded by the British Retail Consortium (BRC) that a plan same as the "cash for bangers" scheme for the car trade would protect jobs, which will aid Britain to hit carbon emission targets by motivating people to switch to more energy-efficient white goods. Furthermore, it is also mulling for tax relief on energy efficient items.

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Arrival of tourists increases business for Shaftesbury

It was today forwarded by Landlord Shaftesbury that the business for its tenants across the West End has increased due to a boost in overseas and domestic tourists to the capital.

The firm specified that with the arrival of visitors, healthy demand was maintained for its shops and restaurants in Covent Garden, Chinatown and Carnaby Street, since tenants continued to rake in profits despite the recession.

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