Is there a silver lining to the low value of sterling that has hit the headlines in recent days? According to experts, our exports will be cheaper and so boost manufacturing, companies with foreign earnings will be in a good position, and we will see more tourist pounds in our shops. With regard to the export sector this has not fared as well as had been expected but this is more likely to be to do with weak demand in our export markets such as the eurozone. Continue reading

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HiT Entertainment, the children’s media group and owner of popular brands including Thomas the Tank Engine, Angelina Ballerina and Bob the Builder, is in serious discussions with its lenders as it struggles to meet its loan commitments, and may be forced to consider hiving off some of its assets.

However, the company’s lenders, which include Deutsch Bank, Merrill Lynch and Bank of America, are said to be opposed… Continue reading

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High profile mortgage advice company, John Charcol, has been bought by Towergate Financial, the financial advice arm of the Towergate Partnership. The sale was announced yesterday, only a day after the struggling mortgage broker went into administration.

It has been reported that, under the terms of the deal, Charcol's 100 staff and directors will move to Towergate Financial and will be based, for the most part, in London.

Towergate was set… Continue reading

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Accountants are reportedly appraising Notts County Football Club’s accounts and evaluating strategic options for the organisation, which has been experiencing cash flow problems.

The club’s chairman Ray Trew insists that no decision has been made yet as to whether it will be put into administration. He added that the club wants to avoid administration for the sake of its investors.

Trew stated, “we want to avoid administration at all costs, because the… Continue reading

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The Competition Commission has given provisional go-ahead to ITV for the sale of social networking site Friends Reunited to online genealogy company Brightsolid.

ITV bought Friends Reunited for £170m in December 2005 and announced its intention to sell the business last year after suffering heavy mid-year losses.

Brightsolid already owns genealogy sites FindMyPast.com and 1911Census.com. As Friends Reunited is the parent company of genealogy site, Genes Reunited, Brightsolid's proposed £25m acquisition… Continue reading

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Reader's Digest has gone into administration after talks between its US parent group and the UK pensions regulator over its UK pension fund broke down.

The negotiations concerned how to fund the firm's £125 million pension fund deficit. According to parent group the Reader's Digest Association (RDA), the pensions regulator rejected a rescue plan to settle the longstanding liability.

Administrators are now looking for investors interested in a potential business sale.

The… Continue reading

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Despite the government's attempts to boost business lending, nearly 60 per cent of UK companies were refused credit by their banks last year, leaving a fifth to turn to credit cards to finance their enterprises.

That's the main finding from an Institute of Directors (IOD) survey of more than 1,000 company directors, which goes against recent claims by lenders that they've been allocating finance to firms that need it.

Of the companies… Continue reading

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The chief executive of Portsmouth, which is on the verge of becoming the first Premier League club to enter administration, claims two more parties have come forward with proposals to buy the business.

Peter Storrie's announcement came as the club scrambles to present a statement of its financial affairs by 4pm on Wednesday (17 February) before a High Court hearing on March 1.

It was previously revealed that two potential buyers were… Continue reading

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Consumer products maker Reckitt Benckiser – the name behind Finish dishwasher detergent, Vanish stain remover and Strepsils lozenges – has played down speculation that a sizeable acquisition is on the horizon, despite unveiling a cash build-up as it reported its fourth-quarter and full-year results this week.

The firm's sales went up 18 per cent to £7.75 billion in 2009, while underlying sales growth rose ten per cent from October to… Continue reading

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It might have been given a week-long stay of execution after the winding-up petition against it reached the High Court yesterday, but don't be surprised if Premier League club Portsmouth is tipped into administration anyway.

The owners of the club were told in court that they have a week – until 4pm on 17 February, to be precise – to file a "statement of financial affairs" proving they can clear over… Continue reading

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