Law and business news round-up: Tata Steel, BHS, Facebook, Brexit
updated on 28 April 2016
Top of the list in terms of business news this week was the collapse of BHS - the biggest and most visible loss to the high street since Woolworths went under in 2008. There were also updates on the long-running Tata Steel and Brexit stories; read on for a hand-picked selection:
- BHS announced that it had gone into administration, including by letter to its 11,000 staff, on Monday. A buyer will try to be found and stores will remain open for now.
- Coming under scrutiny as a direct result of the above is Philip Green, former BHS owner and the recipient of over £25 million in the year between the sale of BHS and its collapse. Some MPs have branded this the “unacceptable face of capitalism” and called for an investigation.
- The government has offered to buy 25% of Tata Steel and offer debt relief for any prospective purchaser, as a way of encouraging a buyer for the remainder of the business.
- Facebook continues to rake in the cash, as it announces quarterly profits that have tripled since the same period last year, to $1.51 million. Accordingly, share prices took a sharp turn upwards.
- The ‘Economists for Brexit’ group has released a report that states the UK economy would be improved by 4% if the United Kingdom were to leave the European Union.
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