Coronavirus: JD-owned Go Outdoors on brink of administration | Business News

The retail giant JD Sports Fashion is preparing to call in administrators at Go Outdoors, the chain it bought for more than £100m four years ago, in a further sign of the turmoil engulfing the high street during the COVID-19 pandemic.

Sky News understands that JD has filed a notice of intention to appoint Deloitte as administrator to the subsidiary, which employs about 2300 people.

Go Outdoors is understood to have run a sale process in recent weeks to canvas interest from potential buyers, according to an executive at another major retailer.

Sources said JD was expected to use an insolvency process to restructure the chain, which trades from more than 60 shops and specialises in camping, fishing and cycling equipment.

The Manchester-based retail group, which has a market value of £6.3bn, is said to be keen to retain control of a slimmed-down Go Outdoors.

If the administration is confirmed,

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Soho House empire lands $100m injection from Burkle-led group | Business News

Soho House has secured a $100m (£81m) equity injection to shore up its finances after the coronavirus pandemic hampered spending across its global network of upmarket venues.

Sky News has learnt that Ron Burkle, the American billionaire who is Soho House’s biggest investor, led a group comprising new and existing shareholders in providing the new money in recent weeks.

Sources said the investment was made at the same $2bn valuation at which the company raised $100m late last year, underlining its backers’ confidence in the future of the business.

Many of the group’s sites have reopened as overseas governments have eased lockdown restrictions, with its UK clubs and hotels hoping to resume trading early next month, in line with government guidance.

Soho House, which has explored a public listing in New York for the last couple of years, has grown at breakneck pace over the last decade, opening clubs in

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Peer-to-peer lenders forced to abandon retail roots

Just a few weeks ago, the head of peer-to-peer lender RateSetter criticised banks for paying savers a pittance for the deposits that fund their loans, while generating large profits.

“I personally care about normal people getting better returns,” said chief executive Rhydian Lewis.

But now Mr Lewis is discussing selling the company he founded to one such bank.

Metro, which set up as a high street challenger a decade ago but has struggled to take a substantial share of the lending market, is in talks to buy RateSetter. The takeover would help the bank build a stronger consumer lending business, which it would fund with the deposits in its interest-free current accounts.

Ratesetter’s about-face is the most recent example of a broader trend taking place across the peer-to-peer lending sector in response to the coronavirus crisis.

Peer-to-peer lenders set up to match borrowers with retail investors, who earn interest by

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Landlords and tenants brace for rent pain on ‘watershed’ Wednesday

Landlords are braced to receive as little as 10 per cent of the quarterly rent they are owed on Wednesday, laying bare the intense pressure facing property owners and occupiers as a result of coronavirus.

June 24 — the day rents are due for the three months to September 29 — will provide the clearest indication yet of which companies are under most strain.

Some landlords of leisure businesses face the prospect of zero rent being paid, according to Stephen Springham, head of retail research at Knight Frank. Retail landlords might scrape in 10-20 per cent, he added.

Non-essential retailers in England were permitted to begin trading again from June 15. But few expect the days of resumed trading to make much difference to whether companies pay rent in June. Many chains, including Next, Debenhams, John Lewis, Marks and Spencer, New Look and River Island, have chosen not to reopen

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