• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Sport Football

Newcastle United owner loses millions 

Newcastle United owner, Mike Ashley, has just lost a huge amount of money. It is thought Ashley had ploughed in at least £150m into Debenhams, taking a 30 per cent ownership, but it hasn’t saved the group which has fallen into administration, wiping out the shareholders in the business. The company and its lenders rejected […]

Ben Gelblum by Ben Gelblum
2019-04-09 12:15
in Football
FacebookTwitterLinkedinEmailWhatsapp

Newcastle United owner, Mike Ashley, has just lost a huge amount of money.

It is thought Ashley had ploughed in at least £150m into Debenhams, taking a 30 per cent ownership, but it hasn’t saved the group which has fallen into administration, wiping out the shareholders in the business.

The company and its lenders rejected a last-ditch offer of a new £200m cash injection, as it was dependent on Ashley becoming chief executive.

Unfortunately this is likely to pave the way for job losses and store closures. Debenhams has been struggling for a while and issued three profit warnings last year. It also has a debt pile of £640m.

The company has now been taken over by its lenders, decimating the current shareholders. The lenders want to close up to 50 stores via an insolvency process known as a company voluntary arrangement.

Terry Duddy, Debenhams’ chairman, said: “It is disappointing to reach a conclusion that will result in no value for our equity holders.

“However, this transaction will allow Debenhams to continue trading as normal; access the funding we need; and proceed with executing our turnaround plans, whilst deleveraging the Group’s balance sheet.

RelatedPosts

Gary Lineker trolled over racism remarks

Shoddy poll claims there’s still no interest in women’s football

It’s time to admit it: Nobody cares about the Nations League

Watch: England fans in Germany arrested for Nazi salutes despite Southgate plea

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Tory split widens amid reports MPs stopping no-deal Brexit barred from standing at next election for party

Weather forecast, alerts and UVB index for London, Saturday 6 June 2020

Sajid Javid slammed for claiming he was off to open one of new 48 hospitals

Do these versions of Johnson’s 6 point plan make more sense to you?

Government strips Shamima Begum’s British citizenship

Police release photo in first official manhunt for an ‘upskirter’ suspect since new laws

Ruth Davidson says Tory vote only way to deny SNP majority and Indyref2

Covid: Tory MP refuses to apologise for telling vaccine sceptics to ‘persist’ with their campaign

UK Weather forecast, Tuesday 24 August 2021

Most Iconic Watches in Film

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.