What's going to collapse next...

[sancho panza]

DIscussed before but looks like Intu has been out buying some lube.

https://www.bloomberg.com/news/articles/2020-06-06/u-k-mall-landlord-intu-appoints-administrator-amid-debt-crisis

Intu Properties Plc, one of the U.K.’s biggest shopping center operators, appointed KPMG as its financial administrator in case it fails to negotiate a standstill agreement with lenders on debt repayments, according to people with knowledge of the matter.

[SillyBilly]

44 minutes ago, sancho panza said:

DIscussed before but looks like Intu has been out buying some lube.

https://www.bloomberg.com/news/articles/2020-06-06/u-k-mall-landlord-intu-appoints-administrator-amid-debt-crisis

Intu Properties Plc, one of the U.K.’s biggest shopping center operators, appointed KPMG as its financial administrator in case it fails to negotiate a standstill agreement with lenders on debt repayments, according to people with knowledge of the matter.

Anyone got the cajones to take on their assets for pennies on the pound (or rather liabilities) if they go down the swanny? Presumably councils will have to step in if no takers but given their track record on town centre planning in the 21st century I'd suggest they'd f**k it up 10x worse than a failed corporate.

[Harley]

7 hours ago, sancho panza said:

Intu Properties Plc, one of the U.K.’s biggest shopping center operators, appointed KPMG as its financial administrator in case it fails to negotiate a standstill agreement with lenders on debt repayments, according to people with knowledge of the matter.

A good negotiating ploy?

[Castlevania]

8 hours ago, SillyBilly said:

Anyone got the cajones to take on their assets for pennies on the pound (or rather liabilities) if they go down the swanny? Presumably councils will have to step in if no takers but given their track record on town centre planning in the 21st century I'd suggest they'd f**k it up 10x worse than a failed corporate.

John Whittaker will probably buy back the Trafford Centre.

[spygirl]

3 hours ago, Harley said:

A good negotiating ploy?

No.

Standard procedure.

They are trying to renegotiate with their debtors.

If that fails then they go bust.

 

[spygirl]

48 minutes ago, Castlevania said:

John Whittaker will probably buy back the Trafford Centre.

John Whitaker will probaly be signing on.

He sold Trrafford Centre to Intu, taking mainly shares.

I guess all his wealth is tied up with property companies.

And hes probably got personal bank debt secured on his shares.

 

 

 

 

[Option5]

14 minutes ago, spygirl said:

John Whitaker will probaly be signing on.

He sold Trrafford Centre to Intu, taking mainly shares.

I guess all his wealth is tied up with property companies.

And hes probably got personal bank debt secured on his shares.

Peel group his company own amongst other things:

City Airport Manchester

Liverpool John Lennon Airport

Doncaster Sheffield Airport

Scout Moor Wind Farm, Lancashire and Rochdale

Manchester Ship Canal

Bridgewater Canal

Manchester Docks

Port of Liverpool

Clydeport

Great Yarmouth Outer Harbour

Trafford Centre – now owned by Intu Properties but Peel maintain a 24.63% stake in Intu.

Lowry Outlet Mall, Salford Quays[41]

Gloucester Quays, Gloucester

Retail parks including sites in Barnsley, Blackburn, Stockport and Urmston (Trafford Retail Park)

MediaCityUK, Salford and Trafford, Greater Manchester

dock10, Greater Manchester

The Pinewood Studios Group – 71.1% (largest shareholder).

UK Coal – 28.3%[42] (largest shareholder)

Intu Properties plc – 24.63% (largest shareholder)

Land Securities – 4%[43]

[spygirl]

1 minute ago, Option5 said:

Peel group his company own amongst other things:

City Airport Manchester

Liverpool John Lennon Airport

Doncaster Sheffield Airport

Scout Moor Wind Farm, Lancashire and Rochdale

Manchester Ship Canal

Bridgewater Canal

Manchester Docks

Port of Liverpool

Clydeport

Great Yarmouth Outer Harbour

Trafford Centre – now owned by Intu Properties but Peel maintain a 24.63% stake in Intu.

Lowry Outlet Mall, Salford Quays[41]

Gloucester Quays, Gloucester

Retail parks including sites in Barnsley, Blackburn, Stockport and Urmston (Trafford Retail Park)

MediaCityUK, Salford and Trafford, Greater Manchester

dock10, Greater Manchester

The Pinewood Studios Group – 71.1% (largest shareholder).

UK Coal – 28.3%[42] (largest shareholder)

Intu Properties plc – 24.63% (largest shareholder)

Land Securities – 4%[43]

Pretty well diversified then ....

 

[sancho panza]

11 hours ago, Option5 said:

Peel group his company own amongst other things:

City Airport Manchester

Liverpool John Lennon Airport

Doncaster Sheffield Airport

Scout Moor Wind Farm, Lancashire and Rochdale

Manchester Ship Canal

Bridgewater Canal

Manchester Docks

Port of Liverpool

Clydeport

Great Yarmouth Outer Harbour

Trafford Centre – now owned by Intu Properties but Peel maintain a 24.63% stake in Intu.

Lowry Outlet Mall, Salford Quays[41]

Gloucester Quays, Gloucester

Retail parks including sites in Barnsley, Blackburn, Stockport and Urmston (Trafford Retail Park)

MediaCityUK, Salford and Trafford, Greater Manchester

dock10, Greater Manchester

The Pinewood Studios Group – 71.1% (largest shareholder).

UK Coal – 28.3%[42] (largest shareholder)

Intu Properties plc – 24.63% (largest shareholder)

Land Securities – 4%[43]

you can't go worng with regional airports and regional shopping centres in places liek Barnsley.

[TheCountOfNowhere]

https://bdaily.co.uk/articles/2020/06/08/wagamama-owners-in-talks-to-close-up-to-120-restaurants

 

Wagamama owners in talks to close up to 120 restaurants

https://www.cityam.com/bp-set-to-axe-10000-jobs-due-to-coronavirus/

 

BP set to axe 10,000 jobs due to coronavirus

[Austin Allegro]

On 05/06/2020 at 16:10, TheCountOfNowhere said:

The'll need to have a sale...knickers down.

Mrs Slocombe...Mr Humphries alleges that you removed his Y-Fronts.

 

 

 

They were on his counter when he left for lunch.

[Chewing Grass]

Some great bargains on French cars with a different badge stuck on the front.

They are getting desperate.

Zero Deposit

Zero Interest

Pay nothing for three months.

No Job - don't bother to pay us.

[Errol]

NINJA car loans. We are at the top.

Edited June 9, 2020 by Errol

[eek]

9 hours ago, Errol said:

NINJA car loans. We are at the top.

The possibility of some money is slightly better than no money at all.

In other news the sound emitting from the parts of Nissan I know about really doesn't sound good.,

[Option5]

Monsoon will now be known as Gonesoon.

Society.

[sancho panza]

Shaftesbury,never heard of them.More to come.

https://www.retailgazette.co.uk/blog/2020/06/retail-landlord-shaftesbiry-swings-to-288m-half-year-loss/

Shaftesbury has swung into a loss as the retail property giant said the valuation of its portfolio dropped by more than £300 million.

The London-based property firm said it faces a half-year pre-tax loss of £287.6 million in the six months ending March 31.

This compares to a year ago when bosses reported a £38.7 million profit before tax.

Shaftesbury said it would only be able to collect about half of the rents due from April to September this year, and only “over time”.

It is in discussion with around 800 commercial tenants to tailor solutions on rents and service charges.

The company was forced to reduce the value of its portfolio by 7.9 per cent to £3.5 billion

Shaftesbury owns swathes of property in central London, including scores of retail premises in shopping hotspots like Carnaby Street, Covent Garden, Soho and Fitzorvia.

Edited June 10, 2020 by sancho panza

[Chewing Grass]

Citroen are not trying very hard, they will have to do more from the 1st of July as free servicing and three deferred payments is simply NOT GOOD ENOUGH.

[sancho panza]

one jumps out of the net.

 

They pulled out of Leicester 5 years after they should have done.Amazed they're still going tbh

https://www.retailgazette.co.uk/blog/2020/06/fenwick-to-reopen-all-stores-from-monday-with-strict-safety-measures/

Fenwick has announced that all nine of its stores in England will be reopening from June 15 as lockdown measures begin to ease.

The department store chain has stores located in Bond Street and Brent Cross in London, and in Bracknell, Canterbury, Colchester, Kingston, Newcastle, Tunbridge Wells and York.

[Funn3r]

21 hours ago, sancho panza said:

one jumps out of the net.

 

They pulled out of Leicester 5 years after they should have done.Amazed they're still going tbh

https://www.retailgazette.co.uk/blog/2020/06/fenwick-to-reopen-all-stores-from-monday-with-strict-safety-measures/

Fenwick has announced that all nine of its stores in England will be reopening from June 15 as lockdown measures begin to ease.

The department store chain has stores located in Bond Street and Brent Cross in London, and in Bracknell, Canterbury, Colchester, Kingston, Newcastle, Tunbridge Wells and York.

I went into the Bracknell one just after it opened, although didn't buy anything. I'm not planning a second visit. They could keep it closed and save money on lectrick n stuff.

[spygirl]

On 25/03/2019 at 08:11, spygirl said:

Moer thread crossing.

DB have loaned Wirecard 150mE

https://www.ft.com/content/ea1d6db0-4bda-11e9-bbc9-6917dce3dc62

If only the UK could be likea proper legal grown up country like Germany ....

 

Wirecard says €1.9bn of cash is missing

Shares of payments group crash as it says a third-party may have tried ‘to deceive’ its auditor

https://www.ft.com/content/1e753e2b-f576-4f32-aa19-d240be26e773

Shares in Wirecard fell by 66 per cent when the German fintech group said that auditors at EY could not confirm the existence of €1.9bn in cash, and that “spurious cash balances” may have been provided by a third party. 

 

Oh dear. Thees a lot more to this story than a sausage eating german scamster.

The root of this story sis that European countries can do equity and high growth companies just like UK n US can.

When US n UK regulators and short sellers were red flagging the company it was - Go away, brextirs.//Trump, this is highest regulation of EU regulation and german financial know how.

We'll soon have a financial centre in Paris or Frankfurt or Madrid

 

 

[spygirl]

On 12/06/2020 at 13:43, Funn3r said:

I went into the Bracknell one just after it opened, although didn't buy anything. I'm not planning a second visit. They could keep it closed and save money on lectrick n stuff.

Ah yes, Bentalls as was, before the multi million investment in the future of bracknell shopping.

https://www.housewareslive.net/opening-date-set-for-fenwicks-new-store-in-bracknell/

IIRC the centre regeneration was meant to happing the 1990. Then it got put on ice.

Then they create the new shopping centre, just in time for all shops to go bust and the last person in Bracknell with a job to get laid off.

There isnt a hope in hell of the new shopping centres in Basingstoke and bracknell surviving. And the Oracle will die on its arse too.

 

 

[spygirl]

1 hour ago, spygirl said:

Wirecard says €1.9bn of cash is missing

Shares of payments group crash as it says a third-party may have tried ‘to deceive’ its auditor

https://www.ft.com/content/1e753e2b-f576-4f32-aa19-d240be26e773

Shares in Wirecard fell by 66 per cent when the German fintech group said that auditors at EY could not confirm the existence of €1.9bn in cash, and that “spurious cash balances” may have been provided by a third party. 

 

Oh dear. Thees a lot more to this story than a sausage eating german scamster.

The root of this story sis that European countries can do equity and high growth companies just like UK n US can.

When US n UK regulators and short sellers were red flagging the company it was - Go away, brextirs.//Trump, this is highest regulation of EU regulation and german financial know how.

We'll soon have a financial centre in Paris or Frankfurt or Madrid

 

 

Wirecard sues FT over investigative reports

https://uk.reuters.com/article/us-wirecard-stocks/wirecard-sues-ft-over-investigative-reports-idUKKCN1R91Y0

 

German regulator files complaint on alleged Wirecard manipulation

BaFin targets two FT journalists and several short-sellers after reports hit payments group’s share price

https://www.ft.com/content/8e1948be-6060-11e9-b285-3acd5d43599e

The German financial watchdog has filed a criminal complaint against two Financial Times journalists and several short sellers, accusing them of potential market manipulation over reports about suspected accounting irregularities at payments processor Wirecard. The criminal complaint by BaFin was filed a few days ago to the Munich criminal prosecution office, which is already investigating potential market manipulations related to the FT’s Wirecard coverage.

 

The second link is damming on so many different levels.

One, this was a top end business newspaper not some interweb plunge artist.

Two, the german regulators is useless and does not seem to know what its doing. A bit of a concern if germany is to lead Europes finsec.

 

Edited June 18, 2020 by spygirl

[Loki]

I wonder what's going to happen with this Wirecard scandal...not much being said online, is it being hushed, or the full implications being digested? 

[TheCountOfNowhere]

18 minutes ago, Loki said:

I wonder what's going to happen with this Wirecard scandal...not much being said online, is it being hushed, or the full implications being digested? 

How does £2bn go missing? 

Its ponzi time... 

 

 

[sancho panza]

'The rent crisis'

 

https://www.retailgazette.co.uk/blog/2020/06/boxpark-warns-50-of-retail-sector-at-risk-of-collapse/

Boxpark has reportedly warned that the retail and hospitality sector is on a “collision course to Armageddon”.

The retail park’s founder Roger Wade said if landlords, tenants and the government did not unite to address the rent crisis, then at least 50 per cent of retail and hospitality operators were at the risk of collapse, Property Week reported.

Wade called for urgent measures, such as initiatives like overhauling business rates and encouraging turnover rents, and said that at the end of June, there is going to be up to six months outstanding rent.

If landlords reduced rent by a third, the government gave a third towards a grant and operators were responsible for a third, then it may alleviate stress, according to Wade.