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Corporate > Turnaround


Lower failure rates hide “insolvency armageddon”

A fall revealed in the number of corporate insolvencies is covering up a struggling economy failing to kick away from recession. Read full story


Debt ridden Travelodge looks to controversial CVA deal

Creditors of the debt ridden hotel chain Travelodge have expressed concerns over the way a rescue, which is still to be agreed, has come together. Read full story


Portsmouth sale moves closer as senior players leave

Devastated former FA Cup winners Portsmouth look likely to be sold after administrators struck a deal to off load all senior players. Read full story


Economists stunned as Q2 GDP drops 0.7%

Britain’s gross domestic product (GDP) contracted by 0.7% in the second quarter of 2012, much worse than anticipated by economic forecasters. Read full story


Halfords boss quits as revenue nosedives

Embattled cycle-to-car-parts retailer Halfords has witnessed the surprise departure of its chief executive after it declared a 12.4 drop in like for like revenue for the first 8 weeks of the year. Read full story


Guilfoyle issues apology to Bradford Bulls players

Players at Bradford Bulls rugby club have today received an official apology from administrator Brendan Guilfoyle after the decision to cancel a meeting was never communicated to players. Read full story


Wasted opportunity as sewage halts hotel turnaround

Administrators of a Spa Hotel in Wetherby, West Yorkshire have announced that 27 staff will have to be made redundant after the premises were flooded by effluent. Read full story


KPMG agrees CVA for Fitness First

Creditors of gym chain Fitness First have approved proposals for a Company Voluntary Arrangement (CVA). Read full story


Springfields and Kennedys rescue Molinare

Film post production company Molinare has been sold in a pre-pack deal handled by Springfields working with legal advisers Kennedys. Read full story


Details of Clinton store closures released

43 Clinton Cards and Birthdays stores have closed, administrators at Zolfo Cooper confirmed this month. Read full story


JD Sports takes financial hit from Blacks

JD Sports has taken a £2.2m hit to its profits following the purchase of the struggling retailer Blacks Leisure. Read full story


Irisa Group instructs Capa to execute property audit

London and Glasgow based audit and property adviser Capa has been instructed by Irisa Group to carry out a property audit on its portfolio, and to undertake lease and rent reduction negotiations with landlords. Read full story


Tough trading dogs Scottish economy in Q1

Over a third of Scottish businesses experienced a decrease in their turnover in the three months ending February 2012, according to research released today. Read full story


BUDGET 2012: FULL COVERAGE HERE

Follow our live coverage of all aspects of the 2012 Budget with reaction and commentary online at Insolvency News. Read full story


Debenhams stuns analysts with rise in sales

Debenhams surprised the market with a 2.4% increase in like-for-like sales for its first half trading period ending 3 March 2012, against the same period last year. Read full story


Mothercare puts 158 staff into redundancy consultation

Embattled maternity merchant Mothercare has notified around 160 staff at its head office and overseas offices that they may lose their jobs in a new strategic review of central functions. Read full story


Trading firm's financial irregularities and share suspension

Worldspreads has confirmed its shares were suspended because of financial irregularities within its accounts. Read full story


Hours left for Glasgow Rangers bids

Administrators at Duff & Phelps have given potential buyers of Glasgow Rangers until the end of today in order to submit their official bids. Read full story


Miller Group declares profitability across four divisions

Building and construction concern Miller Group has confirmed a return to profitability in all of its four divisions in its full year results for the period ending 31 December 2011. Read full story


BRC: Retailers pursuing doomed strategy

Retailers’ insistence on discounting in order to drive sales will not work over the longer term, according to the British Retail Consortium’s (BRC) pre-budget submission filed today. Read full story