Monday newspaper round-up: Ted Baker, banks, Boohoo
Fashion brand Ted Baker’s remaining 31 stores in the UK are to close this week, putting more than 500 jobs at risk. Started as a men’s clothing label in Glasgow in 1988 by entrepreneur Ray Kelvin and becoming known for its quirky advertising and floral prints, Ted Baker’s UK arm entered administration in March after racking up losses. – Guardian
Britain’s biggest banks are facing a deadline to repay more than £100bn of pandemic-era loans, which experts say could benefit savers as banks and building societies compete for customers with attractive rates in a “messy” dash for cash. More than 70 lenders ranging from high street banks and building societies such as HSBC and Nationwide to digital and specialist lenders such as Starling Bank and Aldermore collectively borrowed £193bn from the Bank of England as part of an emergency programme rolled out in the early days of the Covid-19 pandemic in 2020. – Guardian
Boohoo is in a stand-off with suppliers after the struggling fast-fashion seller withheld payments over claims the quality of clothing was too poor. It is understood the online budget specialist has targeted manufacturers it alleges are responsible for producing a high proportion of faulty goods, and is refusing to pay them until the problems have been resolved. – Telegraph
One of the North Sea’s biggest gas producers is threatening to end investment in Britain because the tax regime has become too unstable to support offshore energy producers. Serica Energy, which produces 5pc of the UK’s gas supply and around 600,000 barrels of oil a day, is preparing to shift future investment to Norway instead. – Telegraph