Greencross under the weather, vet business and impairments to blame – Business News Australia

Poor performance in its veterinary business and a myriad of exceptional costs have drained Greencross’ (ASX: GXL) profits in FY18. The pet product retailer and veterinary specialist realised $24.2 million worth of impairments across areas including projects, investments, store assets and provisions. In the second half alone, Greencross paid $22.6 million in…

Heartland restructure to aid Australian business – Mortgage Business

The New Zealand-based banking groups proposed restructure will see its burgeoning Australian reverse mortgage business freed from the central banks capital requirements and poised for strong growth. Along with its financial results for the year ending on 30 June 2018, Heartland Bank issued a restructure proposal that would see it becoming a wholly owned subsidiary…

Company purchasers ignore voluntary ‘safety net’ for pre-pack administrations – The Times

Alex Ralph The focus on pre-packs increased after Sports Direct acquired House of Fraser but avoided taking on liabilitiesCLIVE GEE/PA The government is facing pressure to bolster the rules around pre-pack administrations after figures showed that a voluntary scheme was being shunned. Only 11 per cent of eligible cases were referred to the Pre Pack…

Cafe Brass debacle could bankrupt general manager – The Australian Financial Review

We’ve previously covered the messy demise of Cafe Brass, the swanky restaurant in Melbourne’s inner-city that failed after only a few months, after its wealthy backers including billionaire investor Alex Waislitz, real estate classifieds wizard Antony Catalano, high street jeweller Marcus Rose and KPMG wheeler-and-dealer Jon Adgemis pulled the pin on the venture, which had…

Drought assistance funding doubles low-interest loan cap to $2 million – ABC Local

The Federal Government has doubled the amount of money available for low-interest loans to help drought-stricken farmers. Drought package Aug 19 Key points Major General Stephen Day appointed National Drought Coordinator $75m to 60 councils for infrastructure Fodder storage depreciation initiative The move increases the loan allocation to $2 million and is among a raft…