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Oasis funding dries up
The owners of clothing retailers Oasis and Warehouse filed for administration this week.
The company, which also comprises the online retailer The Idle Man, made 202 positions redundant immediately while a further 1,800 jobs remain at risk although they are currently on furlough.
The company was already looking for a buyer prior to the pandemic outbreak and while there was said to be strong interest, the unprecedented circumstances affecting both the UK’s and wider global economy meant that this was impossible to complete.
Chief Executive Hash Ladha said: “This is a situation that none of us could have predicted a month ago, and comes as shocking and difficult news for all of us.
“We as a management team have done everything we can to try and save the iconic brands that we love.
“On behalf of us all I want to take the opportunity to acknowledge our colleagues for their hard work and dedication. I am confident that my colleagues will find the best outcome for the business. They have my thanks and my best wishes.”
John Anderson Hire, the provider of portable water closets and lavatory solutions to Her Majesty The Queen has given notice that they will enter administration imminently.
As well as holding a Royal Warrant for service to the Royal household, the company also provided the large scale support to many festivals and summer events including Wimbledon, The Open, Royal Ascot, the Henley Royal Regatta, England Rugby Internationals at Twickenham and motorsport events at Brands Hatch.
They even supplied facilities for the final of Strictly Come Dancing last year but the mass cancellation of every major event in the summer sporting and social calendar has left the company with no alternative but to fold.
Jewish Chronicle to close
The preeminent Jewish media outlets – the Jewish Chronicle and Jewish News have both closed with immediate effect after their parent company announced that they had run out of money.
The Kessler Foundation, which owns both publications, said they would pursue a Creditors Voluntary Liquidation (CVL) of Jewish Chronicle Newspapers Ltd.
They said: “Despite the heroic efforts of the editorial and production team at the newspapers, it has become clear that the Jewish Chronicle and Jewish News will not be able to survive the impact of the current coronavirus epidemic in their current form.
As the lockdown continues and three weeks of fun and fresh video calls with friends are now reduced to “Anybody see anything interesting out of the window this week?” there’s one thing you can rely on for clarity and consistency.
That’s your friendly, neighbourhood business rescue and restructure experts.
We are and remain open for business and are ready to arrange free, virtual consultations with any owner or director who wants to talk some ideas through or get some new insight into surviving an environment so challenging that even Bear Grylls would turn round and head back to the pub – when it’s open again.