Pizza Express to close 67 branches in a CVA debt
restructuring deal
restructuring deal
The popular chain said it plans to launch a company
voluntary arrangement (CVA) in the “near future” in a bid to push down its
rents and clear some of its £1 billion of debt.
voluntary arrangement (CVA) in the “near future” in a bid to push down its
rents and clear some of its £1 billion of debt.
The restructuring arrangement will save the company from
bankruptcy but could see the closure of 15% of 449 restaurants and the loss of
1100 jobs. A spokesperson said the final outcome of the restructuring has “yet
to be decided”.
bankruptcy but could see the closure of 15% of 449 restaurants and the loss of
1100 jobs. A spokesperson said the final outcome of the restructuring has “yet
to be decided”.
Landlords take hit
Pension funds and companies like Legal and General will be
hit directly (affecting pension policyholders) and indirectly through their shareholdings
in companies like Land Securities.
hit directly (affecting pension policyholders) and indirectly through their shareholdings
in companies like Land Securities.
Many landlords will have no choice but to bite the bullet
and accept a lower rent or sit on an empty property.
and accept a lower rent or sit on an empty property.
We have already seen one large retail landlord go into
administration and I’m sure many more will follow.
administration and I’m sure many more will follow.
I’m hearing similar stories in other countries which either
have no safety net (or even temporary furlough schemes, which are coming to an
end, e.g. in America).
have no safety net (or even temporary furlough schemes, which are coming to an
end, e.g. in America).
I would expect to see more tenants unable to pay their rents
and borrower unable to keep up payments on their mortgage. This will lead to
millions of bank repossessions, as well as years of untold misery and poverty.
and borrower unable to keep up payments on their mortgage. This will lead to
millions of bank repossessions, as well as years of untold misery and poverty.
Banks have already set aside billions for expected bad
debts. HSBC, which announced 35,000 job cuts, has set aside £13 billion for bad
debt.
debts. HSBC, which announced 35,000 job cuts, has set aside £13 billion for bad
debt.
In this pandemic-driven recession. very few people hold a
‘get out of jail card’.
‘get out of jail card’.
1.
Manchester declares a state of ‘major
incident’ after Covid rise
Manchester declares a state of ‘major
incident’ after Covid rise
2.
Major employers ignore government ‘back
to work’ advisory
Major employers ignore government ‘back
to work’ advisory
3.
HSBC to shed 35,000 jobs after 63% drop
in profits and bad loans
HSBC to shed 35,000 jobs after 63% drop
in profits and bad loans
4.
London theatreland in darkness as 5,000 related
jobs are lost
London theatreland in darkness as 5,000 related
jobs are lost
5.
Half as many jobs are being advertised
compared to last year
Half as many jobs are being advertised
compared to last year
6.
Eat out to help out launches in bid to boost
restaurant trade
Eat out to help out launches in bid to boost
restaurant trade
7.
UK property prices jumped by 3% since June
after stamp duty cut
UK property prices jumped by 3% since June
after stamp duty cut
8.
Will end of furlough see millions more unemployed
this autumn?
Will end of furlough see millions more unemployed
this autumn?
9.
Unemployment could reach 10% and
recession last until 2024
Unemployment could reach 10% and
recession last until 2024
10. Staycations
boom as UK hotels fill up, always check your travel insurance
boom as UK hotels fill up, always check your travel insurance
14. You
can create a second income during the lockdown…and come out stronger
can create a second income during the lockdown…and come out stronger
Millions of people face a bleak future post-Coronavirus
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.
Are you ready to adapt to the new economic model?
As lockdown restrictions around the world are being eased,
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?
By Charles Kelly, Property Investor, Author of Yes, Money
Can Buy You Happiness and creator of Money Tips Podcast.
Can Buy You Happiness and creator of Money Tips Podcast.
There are more examples and practical
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.
If you’d like further information on how to survive the
crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com
crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com
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