Coronavirus: All Saints fashions CVA plan amid high street crisis | Business News

All Saints, the contemporary fashion retailer, will next week become the latest high street chain to demand steep rent cuts from its landlords as it fights to survive the coronavirus crisis.

Sky News has learnt that All Saints will launch a Company Voluntary Arrangement (CVA) on Tuesday that will seek rent reductions across its UK and US operations.

Headquartered in east London, the company has been owned by Lion Capital, the private equity firm, since 2011.

Lion, which counts Jimmy Choo and Cadbury-Schweppes among its past investments, has been examining options to support All Saints since the outbreak of the pandemic, and is said to have decided that a CVA for its UK and US subsidiaries represents the most viable choice.

Alvarez & Marsal, the professional services firm, is handling the process.

The launch of All Saints’ CVA is scheduled to take place the day after the government permits non-essential

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Banking lobby chief apologises for ‘wrong’ remarks about Staveley | Business News

Britain’s top bank lobbyist has apologised for “wrong” and “inappropriate” remarks he made about Amanda Staveley, the financier suing Barclays – his former employer – over the cash call that kept it afloat during the 2008 financial crisis.

Sky News has seen a memo sent by Stephen Jones, chief executive of UK Finance, to the trade association’s employees on Friday, in which he said he could not defend “wholly inappropriate” comments he made 12 years ago about Ms Staveley.

Mr Jones, who at the time of the banking crash was a senior Barclays executive and has gone on to become one of the City’s most respected figures, is understood to have made the remarks during a period in which Ms Staveley was helping to negotiate a huge capital injection into the UK bank by Abu Dhabi-based funds.

Since March, the UK Finance chief has played a key role in devising

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UK economic history: slavery | Financial Times

Protests are toppling statues of slave traders in the UK. Britain is finally facing up to its historic role in the enslavement, abuse and murder of millions of Africans.

Until recently, the UK marginalised its disreputable past as a financier, trader and owner of slaves. Some pundits downplayed the economic significance of slavery following a national apology for the trade in 2007.

A growing body of evidence proves them wrong. The proceeds of this iniquitous business were huge. They taint the national balance sheet to this day.

Slave trading between Africa and the British Caribbean was so lucrative that it covered steep costs and high risks until abolished in 1807.

Human trafficking was only one part of a sprawling economic complex. Sugar was the most important product, accounting for about 15 per cent of the value of all goods imported into the UK in 1772-74, according to Bank of England

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MPs: Behaviour of British Airways towards workers a ‘national disgrace’ | Business News

MPs have criticised the way British Airways has treated its workers during the coronavirus pandemic.

A report by the Commons transport select committee said the airline had made a “calculated attempt to take advantage” of the crisis by cutting up to 12,000 jobs and downgrading terms and conditions for most of its remaining employees.

The committee’s report stated: “The behaviour of British Airways and its parent company towards its employees is a national disgrace.

“It falls well below the standards we would expect from any employer, especially in light of the scale of taxpayer subsidy, at this time of national crisis.”

BA contract change could see pay cut by 40%

British Airways, which is owned by International Airlines Group (IAG), is among a number of airlines having to make cuts to survive the drop in demand for travel prompted by the pandemic.

The committee of MPs agreed job losses “may

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