Bullring Bull

Coronavirus: shopping centre owner Hammerson plots £600m rights issue

The company is in talks to sell its 50% stake in VIA Outlets, a portfolio of European shopping destinations, Sky News learns Britain’s biggest listed shopping centre-owner is preparing to ask shareholders for hundreds of millions of pounds to improve its chances of surviving the coronavirus pandemic. Sky News has learnt that Hammerson, which owns the Bullring in Birmingham and London’s Brent Cross mall, is drawing up plans for a rights issue that could raise more than its current market capitalisation. One investor said this weekend that Hammerson could seek…

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Croydon high street (Pizza Hut). Photo by Oliver Needham on Unsplash (1)

Coronavirus: Jobs at risk as Pizza Hut puts CVA on menu

A CVA would make Pizza Hut the latest chain to resort to a formal restructuring, Sky News learns Pizza Hut has become the latest restaurant chain to put a financial restructuring on the menu by hiring advisers to explore the possibility of an insolvency agreement that could entail significant job losses. Sky News has learnt that Pizza Hut Restaurants, which employs thousands of people in Britain, has instructed Alvarez & Marsal, the professional services firm, to examine the merits of a company voluntary arrangement (CVA). Sources said that a final…

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Theatre Royal, Newcastle. Photo: Wikipedia

Newcastle’s theatres and indy cinema will “simply close” without government help

City council issued a blunt warning about impact of coronavirus on the city’s arts and culture organisations Newcastle’s theatres and independent cinemas could be forced to close permanently because of coronavirus and the lockdown, the city council has warned. The Theatre Royal, the Tyne Theatre and the Tyneside Cinema have all been identified as being at risk. And the council urged the Government to step in and save cultural businesses and organisations from closure. The council said: “For the arts and culture sector it the impact is not far short…

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