UK Business News

Administrators acting for Woolworths are to cut 450 jobs from the support operations based in London and Rochdale amid ongoing talks aimed at finding a buyer for the group.
Deloitte said that it was in talks with ’several parties’ interested in buying the chain as well as potential bidders for some of it’s outlets, thus fuelling [...]

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Pinnacle Entertainment the UK independent record label distriubutor has been declared bankrupt leaving 94 employees without jobs and putting the future of hundreds of indie record labels in jeopardy.
Pinnacle was the distributor responsible for releasing records for over four hundred indie labels, the independent labels trade body AIM are meeting today to discuss how the companies affected [...]

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Woolworths look likely to succumb to the pressure and go into administration after failing to secure a deal with Hilco to buy the companies £385million debt for a nominal £1.
Deloittes will be appointed as administrators to the store chain and its DVD distribution group Entertainment UK. The company hope to be able to keep the [...]

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Property tycoon Ardeshir Naghshineh the largest single shareholder in Woolworths, has called upon the company to look at other options before any serious consideration of a buyout from Hilco.
Hilco have allegedly made Woolworths a token offer of £1 for the business, as posted here last week.
Woolworths have over 800 retail outlets in the UK, but [...]

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Hundreds of passengers were left stranded as budget airline Zoom went into administration last night. Zoom which operated from five UK airports has blamed the collapse on high fuel charges.
The UK and Canada based business founded by brothers John & Hugh Boyle said that it had attempted to secure a re-finance package for the company, [...]

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