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Tag: cash

Patisserie Valerie saved by cash injection

Patisserie Valerie saved by cash injection

Business
Patisserie Valerie has been saved from collapse after entrepreneur Luke Johnson, who owns 37% of the company, provided £20m in loans to the struggling chain.Mr Johnson agreed to lend £10m for three years to owners Patisserie Holdings plc, which the company said would provide "immediate liquidity".He has also provided a further bridging loan facility of up to £10m.The firm said it had also raised another £15m by issuing new shares. The directors said the company had required an immediate cash injection of no less than £20m, without which it could not continue trading in its present form.The cafe chain has been fighting for survival after revealing on Wednesday it had uncovered "significant, and potentially fraudulent, accounti...
Prepare for cash crunch if no Brexit deal – defence body

Prepare for cash crunch if no Brexit deal – defence body

Business
The Treasury should prepare emergency measures to ease a cashflow crisis that could hit companies in the event of a "no-deal" Brexit, the leading body representing Britain's aerospace and defence industry has told Philip Hammond. Sky News has seen a letter from ADS, the trade association which counts Airbus and Rolls-Royce among its members, in which its chief executive urges the chancellor to ensure that there is sufficient liquidity to prevent companies being punished for "dipping into their overdraft or for breaching loan covenants".The call from Paul Everitt for the Treasury to begin contingency planning with banks and other lenders in order to avert a cashflow squeeze reflects growing anxiety across manufacturing industries about the ramifications of no deal being agre...
Evans Cycles seeks new owner amid cash crunch

Evans Cycles seeks new owner amid cash crunch

Business
Evans Cycles has put itself up for sale as it seeks fresh funding amid tough High Street trading conditions. The BBC understands PwC is in talks with a number of potential buyers for the bike store chain, which has more than 60 outlets in the UK.The consultancy has asked for final bids by the end of next week, but Evans is not thought to be seeking a rescue deal. PwC declined to comment and Evans did not respond to requests for comment. Concerns over the retailer's financial position first emerged in September, when Sky News reported the chain was seeking an emergency cash injection from its lenders. Last Maplin stores close their doors Toys R Us shops to close down Like other retailers, Evans has struggled with the recent slow...
No ATM to be replenished with cash after 9 pm from next year

No ATM to be replenished with cash after 9 pm from next year

Finance
No ATM will be replenished with cash after 9 pm in cities and 6 pm in rural areas from next year even as two armed guards will accompany crisp notes in transit as per a new directive issued by the Home Ministry. The deadline for putting money in the ATMs located in Naxal-hit areas is 4 pm while private cash handling agencies must collect money from the banks in the first half of the day and transport notes only in armoured vehicles. In a notification, the Home Ministry said the new Standard Operating Procedures (SoPs) would come into effect from February 8, 2019 in view of the spurt in incidents of attacks on cash vans, cash vaults, ATM frauds and other internal frauds leading to increased sense of insecurity. There are over 8,000 privately owned cash vans plying across the country, operat...
New cash will fund Canadian shale operations

New cash will fund Canadian shale operations

Business
Aug. 17 (UPI) -- Australian energy company Calima said Friday that investment interest was strong enough to support a robust drilling campaign in a Canadian shale basin. In an emailed statement, the company said it was oversubscribed in a share placement, taking in $ 18.1 million (USD) that it would use to fund operations in the Montney shale basin in western Canada. "Proceeds from the placement will be used by Calima to drill and test three wells on the Calima lands within the Montney," Alan Stein, the managing director for Calima Energy, said. The company said it's uncovered more than 500 drilling sites near its acreage that revealed promise for a hydraulic fracturing campaign in the Montney shale basin in British Columbia. Advances in horizontal drilling and hydraulic fracturing, or f...