The BizQuiz: High street woes continue as Banham Poultry reveals £41m owed before buyout
PUBLISHED: 12:56 09 November 2018 | UPDATED: 13:27 09 November 2018
The business headlines this week were full of the aftermath from last week’s Budget, accompanied by the now-common news of high street store closures, and consumer spending fears.
It was revealed that the East of England were one of the areas worst hit by high street store closures, and with profit falls announced by Saisbury’s and Halfords this week, the picture isn’t looking to change soon.
Norfolk suppliers to Banham Poultry had a similarly distressing week with the news that near £41m was owed to creditors before the company was bought in a pre-pack administration.
Suppliers have told the EDP they fear they won’t see any of their money or goods returned.
If you haven’t seen the headlines this week, here’s your business round up:
Norfolk chicken firm Banham Poultry owed more than £41m when it went into administration last month, a new report reveals.
The Attleborough-based company experienced a cashflow crunch over the summer and was sold to Derbyshire-based Chesterfield Poultry in a pre-pack administration, a deal which safeguarded 1,100 jobs.
• ‘A kick in the teeth’: The Budget tax change which could push the cost of wine higher
The boss of a major Norfolk wine company has warned that a little-publicised tax change in the Budget could push up the price of wine.
The government has removed an option for drinks companies which brew from concentrated alcohol to pay duty before they dilute the product.
That means that from 2020 they will have to pay the charge on the volume of the finished drink – and so the bigger volumes will incur higher duty prices, which may have to be passed to shoppers.
• Steak-and-lobster restaurant Bourgee announces opening date in Norwich
A new lobster and steak restaurant will open its doors to the public next week
Bourgee will become the third new restaurant in the Terrace at Castle Mall on Monday, November 12.
• East of England among regions hit as UK loses 14 high street shops a day
Retailers are battling the worst trading conditions in five years, with high street shops closing at a rate of about 14 a day in the first half of this year, a study reveals.
Greater London and the South East were the worst hit by closures of chains, followed by the Midlands, the North East and East of England, it found.
• Norfolk hotel is named the most romantic place to stay in the UK
Strattons Hotel in Swaffham was named the 2019 Good Hotel Guide Editor’s Romantic Choice.
The guide, which is independent and impartial, praised the hotel as a “hidden gem in which guests can relax and enjoy comfy and funky surroundings”, with a restaurant, cafe deli and interiors shop on site.
• Pension ignorance means savers approach retirement ‘blindfolded’
Many workers are approaching the age at which they could access their pensions “blindfolded” because they do not know how much is in their savings pots, a survey has revealed.
Two-fifths (40%) of those aged 46 to 55 do not know how much money they have saved in their pensions, Aviva found.