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Failure to secure the cash they need at rates they can afford, could lead to insolvencies and layoffs. "I think we're now starting to finally see the fall of some of the zombies," she added. This can include restructuring loan repayments, offering reduced rates or other more relaxed terms and can help banks avoid loan write-offs. "Banks and private equity shops have waited to see if the tide turned but higher rates don't allow hiding anymore." Any large corporate failures are likely to have a "contamination effect", said Tim Metzgen, an A&M managing director.

Persons: Dado Ruvic, Alvarez, Julie Palmer, Begbies Traynor, we're, Begbies, Nicola Marinelli, Banks, Paul Kirkbright, Kirkbright, Eva Shang, Katie Murray, Naresh Aggarwal, Ravi Anand, Anand, Tim Metzgen, Jane Merriman Organizations: REUTERS, Reuters, Britain's, National Statistics, Casino, Regent's University, of England, Bank of, Finance, M's, NatWest Group, Association of Corporate, Companies, Thomson Locations: Europe, Middle East, Africa, England, Wales, U.S, Basel III

☆ Bank of England tells lenders to watch more closely for risky borrowers
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

A pedestrian walks past the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams Acquire Licensing Rights企業 Bank of England フォローLONDON, Sept 29 (Reuters) - The Bank of England wrote to lenders on Friday to urge them not to underestimate the risk of loan defaults as higher inflation and increased interest rates hit more vulnerable borrowers. However, in its letter to lenders, the BoE said they needed to look beyond aggregate risks and should identify whether particular types of borrower had specific vulnerabilities. Banks, for example, could look at spending patterns in their customers' current accounts and whether they had fixed-rate mortgages which would soon need to be refinanced at higher rates, the BoE suggested. It said for business lending, banks should not rely on a broad sector-based approach to risk and instead should in some cases consider specific companies' liquidity risks.

Persons: Hollie Adams, BoE, Victoria Saporta, Wilko, Banks, David Milliken, Kylie MacLellan 私 Organizations: Bank of England, City of, REUTERS, 企業 Bank of England, prudential, Wales Locations: City, City of London, Britain, England

The preliminary reading of the UK S&P Global Purchasing Managers' Index (PMI) for the services sector sank to its lowest since the pandemic lockdown of January 2021 and below all forecasts in a Reuters poll of economists. PMIs for the euro zone picked up a little but still suggested a recession was approaching. Official data showed retail sales rose in August, partially recovering from a rain-induced plunge in July, and a measure of consumer confidence climbed to its highest since January 2022. However, data company S&P Global said its survey was consistent with a drop in quarterly economic output of 0.4%. "The disappointing PMI survey results for September mean a recession is looking increasingly likely in the UK," said Chris Williamson, chief business economist at S&P Global.

Persons: Molly Darlington, BoE, Sterling, Martin Beck, Beck, Chris Williamson, Samuel Tombs, Andy Bruce, Toby Chopra Organizations: REUTERS, P, CBI, Bank of England, P Global, U.S, Confederation of British Industry, PMI, Pantheon, Thomson Locations: Altrincham, Britain

☆ Analysis: Investors call 'peak pessimism' for beaten-up UK stocks
▼ + stars: | 2023-09-13 | by ( Naomi Rovnick | ) www.reuters.com time to read: +6 min

"It feels like we've passed the peak of pessimism about the UK," said Daniel Lockyer, senior fund manager at 7 billion-pound investment and advice group Hawksmoor Investment Management, which increased its exposure to UK companies in August. Consumer stocks are outperforming as investors bet on the UK cost of living crisis becoming less intense. Reuters Graphics Reuters GraphicsLeigh Himsworth, UK fund manager at Fidelity International, said he was "trying to pick off UK retailers we can buy", while it was also "time to pick up some of the (UK) real estate sector." But while noting good economic reasons to call an upturn for UK stocks, fund managers also stressed the need for further steps from policymakers to revive interest in British equities. Premier Miton is lobbying policymakers to introduce a new tax-efficient investment vehicle for UK stocks.

Persons: Toby Melville, we've, Daniel Lockyer, Morningstar, Martin Walker, Walker, Samuel Tombs, Reuters Graphics Reuters Graphics Leigh Himsworth, Spencer, Neil Birrell, Premier Miton, Miton, Savvas Savouri, Naomi Rovnick, Dhara Ranasinghe, Sharon Singleton Organizations: London Stock Exchange, REUTERS, Inflation, LONDON, Apple, FTSE, Investment Management, Global, Reuters, Bank of England, Reuters Graphics Reuters Graphics, Fidelity International, Premier, Fidelity, Thomson Locations: Canary Wharf, London, Britain, U.S, COVID, outflows

☆ All of UK retailer Wilko's stores to shut, with over 9,000 job losses
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] A branch of the discount retail homeware store Wilko is seen in Altrincham, Britain, September 11, 2023. PwC confirmed that 124 Wilko stores were set to close by Sept. 21, while the timing for the closure of the remaining 222 stores has yet to be announced. Some job losses in addition to those set out on Monday had been announced in recent weeks. Earlier this month London-listed retailer B&M (BMEB.L) struck a deal to buy 51 Wilko stores for up to 13 million pounds ($16.26 million). "Wilko should have thrived in a bargain retail sector that is otherwise strong, but it was run into the ground by the business owners."

Persons: Molly Darlington, PwC, Wilko, Doug Putman, Nadine Houghton, James Davey, Muvija, Sachin Ravikumar, Paul Sandle, Susan Fenton Organizations: REUTERS, HMV, Thomson Locations: Altrincham, Britain, Leicester, England, Wilko, London

☆ HMV owner finalising deal to buy most of collapsed UK retailer Wilko -Sky News
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

A branch of the discount retail homeware store Wilko is seen in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Aug 31 (Reuters) - Canadian businessman Doug Putman is finalising a deal to buy the majority of collapsed British homeware retailer Wilko from its administrators in a deal which could save up to 9,000 jobs, Sky News reported on Thursday. The administrators are consulting Wilko's biggest creditors about the deal, Sky News said, adding that there was still some uncertainty around whether it would go ahead. Poundland's parent company and B&M European Value Retail (BMEB.L) have also shown interest in acquiring a smaller portion of Wilko stores. Wilko's administrators PwC said earlier on Thursday that there were parties interested in buying the retailer but none of them wanted the whole group.

Persons: Toby Melville, Doug Putman, Putman, PwC, Sarah Young, Muvija, Elizabeth Piper, Sachin Ravikumar Organizations: REUTERS, Sky News, HMV, Thomson Locations: London, Britain, Canadian, British, Wilko

☆ Some of UK retailer Wilko's stores set to close after no buyer found
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

A branch of the discount retail homeware store Wilko is seen in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Aug 23 (Reuters) - Some of British homeware and household goods discount retailer Wilko's stores are likely to close after a buyer could not be found for the whole group, administrator PWC said on Wednesday. PWC said that contrary to an earlier statement from the GMB trade union, there were no plans to close stores next week and they would continue to remain open and trade "in the immediate term". The family-owned retailer said earlier this month it had fallen into administration, putting its 400 stores and 12,500 jobs in danger if a buyer could not be found. Sky News reported the owner of fellow discount store Poundland, Pepco Group, was in discussions to acquire round 100 Wilko stores, while London-listed discount chain B&M European Retail could take on 40-50 shops.

Persons: Toby Melville, PWC, Kylie MacLellan, David Evans Organizations: REUTERS, Sky News, Pepco, Thomson Locations: London, Britain, Leicester, England

Official data showed sales volumes last month were 1.2% lower than in June. Food stores sales volumes fell by a monthly 2.6% while non-food stores sales volumes fell by 1.7%. However, July's data represented only the second time that sales volumes fell on a month-to-month basis so far in 2023, suggesting resilience in consumer demand. Market research firm GfK reported last month that consumer confidence fell in July for the first time since January. Retail sales volumes were 3.2% lower than a year earlier, the ONS said, compared with economists' forecasts for a 2.1% decline.

Persons: Sterling, Heather Bovill, Ruth Gregory, GfK, Samuel Tombs, BoE, Tombs, Spencer, James Davey, Kate Holton, Susan Fenton Organizations: Reuters, Office, National Statistics, Department, Bank of England, Capital Economics, Macroeconomics, Thomson

A branch of the discount retail homeware store Wilko is seen in London, Britain, August 3, 2023. REUTERS/Toby Melville/File PhotoSummaryCompanies Wilko enters administration93-year old retailer trades from 400 storesFailed to secure emergency investmentLONDON, Aug 10 (Reuters) - British discount retailer Wilko said it has fallen into administration on Thursday, a form of creditor protection that puts its 12,000 jobs in danger. The family-owned retailer, facing a cash squeeze after a downturn in trading, had failed to secure emergency investment. Despite the squeeze on household incomes from the jump in interest rates and high levels of inflation, most UK high street chains have traded resiliently so far this year. Reporting by James Davey and Muvija M; Editing by Kate Holton and Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Wilko, Mark Jackson, PwC, McColl's, Jackson, Wilko's, we’ve, James Davey, Muvija, Kate Holton, Elaine Hardcastle Organizations: REUTERS, Morrisons, Thomson Locations: London, Britain, Leicester, England

☆ Wilko: UK discount retail chain collapses putting 12,000 jobs at risk
▼ + stars: | 2023-08-10 | by ( ) edition.cnn.com time to read: +1 min

British discount retailer Wilko said it has fallen into administration on Thursday, a form of creditor protection that puts its 12,000 jobs in danger. The family-owned retailer, facing a cash squeeze after a downturn in trading, had failed to secure emergency investment. It is Britain’s biggest retail casualty since convenience store chain McColl’s collapsed in May last year. Jackson said Wilko’s had “a significant level of interest,” including indicative offers that could recapitalize the business. Despite the squeeze on household incomes from the jump in interest rates and high levels of inflation, most UK high street chains have traded resiliently so far this year.

Persons: Wilko, “, ”, Mark Jackson, PwC, McColl’s, Jackson, Wilko’s, we’ve Organizations: Morrisons Locations: Leicester, England

☆ Wilko: 12,000 jobs at risk as UK discount chain on brink of collapse
▼ + stars: | 2023-08-03 | by ( ) edition.cnn.com time to read: +1 min

Britain’s Wilko, a discount retail chain which sells homeware and household goods, is at risk of collapse after it filed a notice of intention to appoint administrators on Thursday, putting 12,000 jobs on the line if no buyer can be found. The retailer could be one of the first major victims of Britain’s tougher economy, after consecutive interest rates rises that started in December 2021. “This is extremely concerning,” the GMB union, which represents about 4,000 workers at Wilko, said in a statement. “Wilko’s staff deserve reassurance that their jobs are safe.”Wilko’s Chief Executive Mark Jackson said he hoped the privately-held retailer would be bought. Wilko operates from 400 stores across the UK, where it competes with rivals such as B&M (BMRRY), and has an annual turnover of 1.2 billion pounds ($1.5 billion).

Persons: Britain’s, Wilko, “, Mark Jackson, “ We’ll, ” Locations: Wilko

☆ Final farewell: From Sidney Poitier to Pope Emeritus Benedict a look back at the influential figures who died in 2022
▼ + stars: | 2023-01-01 | by ( Associated Press | ) www.nbcnews.com time to read: +55 min

Other world leaders who died in 2022 include former Soviet leader Mikhail Gorbachev, who died in August. The final days of 2022 saw the loss of some exceptionally notable figures, including Pope Emeritus Benedict XVI. Here is a roll call of some influential figures who died in 2022 (cause of death cited for younger people, if available):___JANUARY___Dan Reeves, 77. A Cuban-born artist whose radiant color palette and geometric paintings were overlooked for decades before the art world took notice. A prolific character actor best known for playing villains and tough guys in “The Manchurian Candidate,” “Ocean’s Eleven” and other films.

☆ Wilko Johnson, 'Game of Thrones' actor and Dr. Feelgood guitarist, dies at 75
▼ + stars: | 2022-11-23 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

LONDON — Wilko Johnson, the guitarist with British blues-rock band Dr. Feelgood who had an unexpected career renaissance after being diagnosed with terminal cancer, has died. Born John Wilkinson in 1947, Johnson was raised on Canvey Island, a marshy, industrial oil town in England’s River Thames estuary. He studied Anglo-Saxon literature at Newcastle University and worked as a schoolteacher before forming Dr. Feelgood with other local friends. Johnson later said that if the band had been able to follow its managers’ instructions to behave, “I’m pretty sure we’d be multimillionaires. He released another album, “Blow Your Mind,” in 2018, and played gigs with his Wilko Johnson Band until last month.

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