Qualified advisers answering your
Financial Questions
call 0800 092 1245

Woolworths bankers holding out for outright sale

It has been reported that the bankers for troubled retailer Woolworths have apparently trying to block the potential sale of the retail division to a recovery specialist for one pound. The deal would have seen nearly £300 million of debt transferred to the new operation and it seems as though the company's bankers were not willing to see this happen and see their debts transferred to another company.

Woolworths has two additional smaller retail-based operations which it had planned to retain after selling the major retailing chain but as the hours tick by chances of this happening seem to be getting less and less. Fears are growing that the company may actually be forced to announce bankruptcy on Monday just as Alistair Darling is announcing his pre-budget speech. The timing could hardly be worse, if the rumours are correct, and would take much of the shine off the potential tax giveaways we can expect.

The relationship between banking and business has never been as bad as it is at the moment and both parties seem unwilling or unable to help each other at this most critical of times. Government intervention has been rumoured but as yet there has been no real progress made in this area.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details