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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...
Toys R Us faces crunch vote over UK rescue plan

Toys R Us faces crunch vote over UK rescue plan

Business
Toys R Us's future in the UK is hanging in the balance ahead of a key vote by creditors later on Thursday over whether to back the firm's rescue plan.The Pension Protection Fund (PPF) - which wants the toy retailer to put £9m into its struggling pension fund - has said it will vote against the plan.Failure to agree a deal could put all its 3,200 staff at risk of redundancy.However, reports suggest Toys R Us has put forward new proposals to try to reach a last-minute deal with the PPF. The PPF - whose duty is to pensioners and not the company - wants money upfront to secure funding for Toys R Us's staff pension scheme, which has a deficit of more than £25m. Why did Toys R Us fall from grace?Toy sellers bet on Christmas as sales dipToys R Us, which has 100 stores and outlets in the UK, has p