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Sunday, April 24, 2016

BHS IN ADMINISTRATION (including PETERBOROUGH BHS in Queensgate ) 11am MONDAY' and #POSH manager leaves...


"The loss-making retailer had warned its creditors that they stood to lose as much as £1.3bn if they did not support its proposed company voluntary arrangement (CVA). "

THE GUARDIAN REPORTED: More than a third of an £8.4m loan taken out of BHS by its new owners in March last year went to four directors who were part of the consortium, handing them a multimillion-pound windfall just days after buying the struggling department store chain.


The Guardian understands that £3m was shared between four directors of Retail Acquisitions Limited – Dominic Chappell, the man who led the buyout of BHS, Eddie Parladorio, Mark Tasker and Stephen Bourne, who has since resigned. Chappell is thought to have received the largest portion of the funds.


Retail Acquisitions took the loan out of BHS days after buying the business for £1 from Sir Philip Green. It has said the loan was for professional and financing fees.


£1 richer....Sir Philip Green is on the right...


MONDAY UPDATE: At 8:10 am Monday morning, the BBC are confirming that BHS WILL enter into Administration at around 11am today. 164 Stores and 11,000 staff are affected.

Former racing driver and discharged bankrupt,  and BHS boss Dominic Chappell said no one is to blame for the collapse.

He told the Press Association: "No one is to blame. It was a combination of bad trading and not being able to raise enough money from the property portfolio.

"In the end, we just couldn't reach an agreement with Arcadia over pensions."

He added that he will continue to work with the administrators Duff & Phelps to "find a solution post the administration".

The company was bought last year by a consortium called Retail Acquisitions for £1 from retail entrepreneur Sir Philip Green.

The retailer has debts of more than £1.3 billion, including a pension fund deficit of £571 million.


The administrators [ Duff & Phelps ] may well keep BHS trading whilst they seek buyers for parts of the business, but if members of the public have outstanding credit vouchers or gift cards unredeemed, it would be prudent to rapidly get down to your nearest BHS and cash them in before the systems are frozen. 



Paul Williams Insolvency Practitioner

Managing Director                                                

The BHS Administration will be under the direction of Paul Williams, managing director Duff & Phelps London office [based in The Shard] and the joint head of UK Restructuring, part of the Global Restructuring Advisory practice. Assignments range from financial advisory and debt restructuring through to enforcement, particularly in relation to property matters where the appointment of LPA receivers may be necessary. They handled the controversial Rangers FC insolvency.


Paul Williams leads the formal insolvency practice in London which focuses principally on non-trading administrations and receiverships, court liquidations, creditor voluntary liquidations and solvent winding-ups. He regularly partners with accountants, tax advisers and management to maximise returns to shareholders in solvent liquidations (MVLs).  Paul Williams is a Chartered Certified Accountant and a licensed UK Insolvency Practitioner.

- See more at: http://www.duffandphelps.com/about-us/our-team/paul-williams#sthash.KOrtJdDo.dpuf

SUNDAY:
Its not looking too good for one of Peterboroughs major retail brands, and there could well be a prime ground floor site up for rental in Queensgate Shopping Centre, as BBC News (and a few hours later SkyNews) are suggesting UK retailer BHS could file for administration as early as Monday threatening 11,000 jobs.

In a weekend of bad news. Its not looking good for Posh the Peterborough football team either as 'Marmite' manager (Marmite = you either love it or hate it) Graham Westley departs.

In March 2016, the BHS company sought a company voluntary arrangement (CVA) to allow it to restructure the business.





On 22nd April 2016 BHS Limited put a 'stop press' item on its website corporate pages, which effectively flagged up the fact the young recently formed limited liability company 'had financial problems' :



**STOP PRESS 
BHS would like to advise that despite some press speculation it is not in, nor has applied to go into administration.  The website is operating and taking orders as usual.
_______________________

As part of its application, it revealed a deficit in its pension scheme of £207 million, and sought to transfer its schemes to the Pension Protection Fund....the actual deficit figure today is thought to be much higher at around minus £280 million... ouch!

It might also cause an upset to  Tory candidate Wayne Fitzgerald.  We are told, Wayne has or had some form of association with BHS, but this could just be idle gossip. [Still the managers job at Posh is now up for grabs Wayne!]

If its true, BHS is within hours calling in the administrators its somewhat Ironic really as BHS once stood for British 'Home' Stores, and as a Councillor, our Wayne closed down Peterboroughs Care 'Homes'. Now a new 'Home' is possibly closing and Cllr Fitz, if the story pans out, could well be disadvantaged, just like many elderly residents were a couple of years back...

The word is if you have any outstanding goods to collect from BHS or gift cards to redeem better do it today Sunday before 4pm. Once the administrators move in, Gift Cards and credit vouchers will be the first to be frozen, and you are at the back of a long line of unsecured creditors.

Sources close to the owners in what has toi be a classic understatement told the BBC that "things don't look good".

Talks are continuing with Sports Direct to buy some of BHS's 164 stores but it is understood any buyer would only do so if it did not have to take on its £280m pension deficit.

Last year BHS was sold by the 'offshore' entrepreneur Sir Philip Green for £1..( or was it his wife? )    Oh, what a good deal Sir Phil! Fancy a football team?




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OUR HUMAN RIGHT TO LAMPOON AND CRITICISE POLITICIANS

THE HIGH COURT has ruled....People have a right to lampoon and criticise politicians and public officials under the Human Rights Act, the High Court has ruled.

We have the full High Court judgment, saved as a page on here. l

ampoon (lampoon) Pronunciation: /lamˈpuːn/ verb [with object] publicly criticize (someone or something) by using ridicule, irony, or sarcasm: the actor was lampooned by the press noun a speech or text lampooning someone or something: the magazine fired at God, Royalty, and politicians, using cartoons and lampoons.

Derivatives: lampooner noun lampoonery noun lampoonist noun Origin: mid 17th century: from French lampon, said to be from lampons 'let us drink' (used as a refrain), from lamper 'gulp down', nasalized form of laper 'to lap (liquid).

NUJ CODE OF CONDUCT

NUJ Code of Conduct

The NUJ's Code of Conduct has set out the main principles of British and Irish journalism since 1936.

The code is part of the rules and all journalists joining the union must sign that they will strive to adhere to the it.


Members of the National Union of Journalists are expected to abide by the following professional principles:

A journalist:

1 At all times upholds and defends the principle of media freedom, the right of freedom of expression and the right of the public to be informed

2 Strives to ensure that information disseminated is honestly conveyed, accurate and fair

3 Does her/his utmost to correct harmful inaccuracies

4 Differentiates between fact and opinion

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7 Protects the identity of sources who supply information in confidence and material gathered in the course of her/his work

8 Resists threats or any other inducements to influence, distort or suppress information and takes no unfair personal advantage of information gained in the course of her/his duties before the information is public knowledge

9 Produces no material likely to lead to hatred or discrimination on the grounds of a person's age, gender, race, colour, creed, legal status, disability, marital status, or sexual orientation

10 Does not by way of statement, voice or appearance endorse by advertisement any commercial product or service save for the promotion of her/his own work or of the medium by which she/he is employed

11 A journalist shall normally seek the consent of an appropriate adult when interviewing or photographing a child for a story about her/his welfare

12 Avoids plagiarism The NUJ believes a journalist has the right to refuse an assignment or be identified as the author of editorial that would break the letter or spirit of the code.

The NUJ will fully support any journalist disciplined for asserting her/his right to act according to the code

The NUJ logo is always a link to the home page.

(As modified at Delegate Meeting 2011)