collapse – Latest News https://latestnews.top Sun, 13 Aug 2023 07:09:15 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 https://latestnews.top/wp-content/uploads/2023/05/cropped-licon-32x32.png collapse – Latest News https://latestnews.top 32 32 Wilko paid out £77m to owners before collapse https://latestnews.top/wilko-paid-out-77m-to-owners-before-collapse/ https://latestnews.top/wilko-paid-out-77m-to-owners-before-collapse/#respond Sun, 13 Aug 2023 07:09:15 +0000 https://latestnews.top/2023/08/13/wilko-paid-out-77m-to-owners-before-collapse/ Wilko paid out £77m to owners before collapse Chain was controlled by descendants of founder, James Kemsey Wilkinson Biggest payout was a £63m jackpot in 2015  Multi-million pound dividends continued even as company headed for rocks  By Patrick Tooher Published: 16:50 EDT, 12 August 2023 | Updated: 16:53 EDT, 12 August 2023 Wilko paid out a […]]]>


Wilko paid out £77m to owners before collapse

  • Chain was controlled by descendants of founder, James Kemsey Wilkinson
  • Biggest payout was a £63m jackpot in 2015 
  • Multi-million pound dividends continued even as company headed for rocks 

Wilko paid out a total of £77 million to the owners and former shareholders of the stricken retail chain in the decade before its collapse. The Mail on Sunday can reveal.

The chain, which fell into administration last week putting 12,000 jobs at risk, was controlled by descendants of the founder, James Kemsey Wilkinson. 

The biggest payout was a £63 million jackpot in 2015 when – after 85 years of running the business together – one side of the Wilkinson family sold their shares to the other.

Karin Swann, a granddaughter of founder James Kemsey Wilkinson, quit the board leaving her cousin Lisa Wilkinson as chairman. Swann’s husband Peter was until recently the owner of Scunthorpe United, now in the sixth tier of the football league after a series of relegations.

Analysis of Wilko’s accounts shows that multi-million pound dividends continued even as the company headed for the rocks.

Windfall: Analysis of Wilko's accounts shows that multi-million pound dividends continued even as the company headed for the rocks

Windfall: Analysis of Wilko’s accounts shows that multi-million pound dividends continued even as the company headed for the rocks

These included a £3 million dividend last year, which was paid despite Wilko racking up losses of £39 million. A total of £3.2 million was doled out in 2018 when Wilko slid to a £65 million loss.

Wilko’s failure has left the retirement fund with a multi-million pound shortfall and pensioners may end up with a reduced annual income for life. The scheme is likely to be bailed out by the Pension Protection Fund (PPF), the industry lifeboat. However, workers who have not yet retired could see their pensions reduced.

The dividend payouts were last night branded ‘a disgrace’.

Nadine Houghton, national officer at the GMB union, said: ‘The business could have thrived under strong market conditions for bargain retailers. But with owners prioritising their own dividends it has been left to go under.’

The 93-year-old discount retailer called in administrators PwC last week after failing to secure a cash lifeline. Its 400 stores will continue to trade for now as talks with potential buyers continue.

Wilko’s final-salary pension scheme – which closed a decade ago – has almost 1,900 members, many of them retired. Despite Wilko raising its contributions to the scheme in recent years, it has a £16 million shortfall and may be heading for the PPF, which looks after the pension funds of more than 5,000 failed companies. 

The PPF promises to pay in full pensions that are already being drawn, but only around 90 per cent of payments due to members who had not retired when their employer went bust. The process of assessing whether a scheme can be taken on by the PPF can take up to two years.

‘No worker deserves this uncertainty about their job or their pension,’ Houghton added. ‘The pension scheme must be supported. There has to be a fair deal for workers.’

Wilko is known for selling an affordable range of DIY, garden and cosmetics products, but has been losing market share to other discount retailers such as B&M. It is one of the largest High Street collapses in recent years and follows the demise of household names including Debenhams, BHS, Topshop and Mothercare.

A spokesperson for AHWL, the management company for the remaining family owners after the split, said that family members personally had not received any dividends since 2017 when AHWL was formed. AHWL owned 99.7 per cent of Wilko up to its administration.

‘The dividends received have been invested in property and businesses in the UK, including over 20 high risk investments into young businesses as the family seek to help entrepreneurs have the success from business that they had over 90 years,’ he added

PwC declined to comment.



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Tanker fire causes I-95 overpass to collapse in Philadelphia https://latestnews.top/tanker-fire-causes-i-95-overpass-to-collapse-in-philadelphia/ https://latestnews.top/tanker-fire-causes-i-95-overpass-to-collapse-in-philadelphia/#respond Sun, 11 Jun 2023 18:57:14 +0000 https://latestnews.top/2023/06/11/tanker-fire-causes-i-95-overpass-to-collapse-in-philadelphia/ Philadelphia’s I-95 overpass COLLAPSES after massive fire from tanker that burst into flames underneath: Highway is shut as authorities battle to prevent further destruction Around 6 am Sunday, a massive fire broke out near I-95 in the Tacony section of Philadelphia Part of an overpass has collapsed and closed the highway There is no word […]]]>


Philadelphia’s I-95 overpass COLLAPSES after massive fire from tanker that burst into flames underneath: Highway is shut as authorities battle to prevent further destruction

  • Around 6 am Sunday, a massive fire broke out near I-95 in the Tacony section of Philadelphia
  • Part of an overpass has collapsed and closed the highway
  • There is no word on reported injuries, and fire crews are on scene trying to put out the blaze 

An Interstate-95 overpass in Philadelphia has collapsed after a massive tanker fire underneath. 

Video showed the flames shooting up from the road with the collapsed overpass falling to the pavement below. Smoke has filled the area and could be seen from miles away. 

The fire started around 6am Sunday between the exit for Academy Road and Cottoman Avenue. That is in the Tacony section of north Philadelphia. 

There is no word on reported injuries. 

Officials warn the road could be closed for weeks for repair. 

Coast Guard officials say 8,500 gallons of gasoline leaked in the incident and some has spilled into the Delaware River. Coast Guard crews are working to clean up the water.  

A massive fire burns near I-95 in Philadelphia. There is no word on reported injuries

A massive fire burns near I-95 in Philadelphia. There is no word on reported injuries

Authorities have not said what caused the fire and warned there could be more damage to the overpass because of the incident

Authorities have not said what caused the fire and warned there could be more damage to the overpass because of the incident

The blaze caused the northbound side of the bridge to collapse and the southbound is ‘compromised,’ according to NBC Philadelphia. 

Officials told a local reporter ‘the roadway is gone.’

Authorities have not said what caused the fire. 

Philadelphia fire Captain Derrick Bowmer said runoff from the truck is also causing explosions underground.

‘We will be here for awhile,’ he said. ‘We have fire coming out of those manholes.’

Officials have warned that the road will be closed for a long stretch as they work to put out the fire and repair the overpass. 

‘Today’s going to be a long day. Obviously, with 95 northbound gone and southbound questionable, it’s going to be even longer,’ said Dominick Mireles, the director of the Philadelphia Office of Emergency Management,  according to ABC6

Runoff from the truck is also causing manholes to explode near the scene, officials said

Runoff from the truck is also causing manholes to explode near the scene, officials said

Officials told a local reporter 'the roadway is gone' after the collapse of the overpass on I-95

Officials told a local reporter ‘the roadway is gone’ after the collapse of the overpass on I-95

An engineering professor from Drexel University, Amir Farnam, told the Philadelphia Inquirer that it appeared the support structures for the bridge were made of steel, which made them susceptible to the heat from the fire. 

‘There is no concrete surrounding them,’ he said. ‘That means they are very susceptible to any sort of high temperature.’ 

Steel melts at about 2,500 degrees and loses half its strength at 1,000 degrees, he added. 

‘When you have a fire like this and it lasts for a few hours, the yield strength of the steel decreases drastically, and it fails,’ Farnam said.



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Rescues search for people unaccounted for after after Iowa apartment collapse https://latestnews.top/rescues-search-for-people-unaccounted-for-after-after-iowa-apartment-collapse/ https://latestnews.top/rescues-search-for-people-unaccounted-for-after-after-iowa-apartment-collapse/#respond Mon, 29 May 2023 06:02:26 +0000 https://latestnews.top/2023/05/29/rescues-search-for-people-unaccounted-for-after-after-iowa-apartment-collapse/ A dire search is underway for unaccounted residents after a massive section of a six-story apartment building collapsed in Iowa Sunday.  Rescue crews were on scene at the building on Main Street in Davenport Sunday night into Monday frantically digging through the rubble.  A portion of the building came crashing down around 5pm as panicked […]]]>


A dire search is underway for unaccounted residents after a massive section of a six-story apartment building collapsed in Iowa Sunday. 

Rescue crews were on scene at the building on Main Street in Davenport Sunday night into Monday frantically digging through the rubble. 

A portion of the building came crashing down around 5pm as panicked residents desperately tried to flee for their lives. 

Seven people were rescued from the building, and 12 were helped from the collapse, officials said. The search is now on for the missing, as an air ambulance arrives on the scene.

Authorities have not said whether anyone was killed in the collapse. 

‘We both grab out cats, she grabbed one, I grabbed one, got to the door,’ Lexus Berry said about trying to get to safety with his wife Quanisha White-Berry. 

‘I watched her, and everything just fell down and everything fell on top of me, and I barely made it out the door.’ 

‘I got out, but there was nothing left but where I was standing at. Everything else was gone.’

Building residents had complained for years about needed repairs. City leaders said the building had permits to make the fixes when the collapse happened.  

Part of a six-story apartment building collapsed in Davenport, iowa, Sunday afternoon

 Part of a six-story apartment building collapsed in Davenport, iowa, Sunday afternoon

Seven people were rescued were from the building, and 12 were helped from the collapse. It is unclear how many are still unaccounted for

Seven people were rescued were from the building, and 12 were helped from the collapse. It is unclear how many are still unaccounted for

Crews have entered the building. Med Force helicopter on scene. Gurney was seen being wheeled over to the building as well.

Posted by KWQC TV6 News on Sunday, May 28, 2023

As the building fell to the ground Sunday evening, Tadd Machavec said he heard screaming.

‘There was a lot of screams, a lot of cries, a lot of people saying “help” when the building came down,’ he told the Associated Press. ‘But that did not last — two or three minutes and then the whole area was silent.

‘I’m hoping and praying the screams that I heard were not people inside of it.’ 

It remains unclear what caused the collapse of the building on Main Street, which was home to about 80 apartments. But fire crews on the scene found a ‘large natural gas leak’ and water leaking from all the floors. 

Robert Robinson lived on the complex’s second floor and just returned from a smoke break outside when part of the building fell. 

‘When we started to go back in the lights went out,’ Robinson. ‘All of a sudden everybody started running out saying the building collapsed. I´m glad we came down when we did.’ 

The extent of the injuries among people who were inside the building when it collapsed is unknown, and those that survived are now scrambling to find overnight accommodations.

First responders say the search for survivors will be challenging, as there have been secondary collapses.

First responders rushed to the scene of the building collapse on Main Street in Davenport

First responders rushed to the scene of the building collapse on Main Street in Davenport

County assessors' records show that nearly 20 permits were filed in 2022 for the building — mostly for plumbing or electrical issues

County assessors’ records show that nearly 20 permits were filed in 2022 for the building — mostly for plumbing or electrical issues 

Officials said there are unaccounted for people, but not how many, as crews search the rubble for missing tenants

Officials said there are unaccounted for people, but not how many, as crews search the rubble for missing tenants

‘Our big thing is the stability of the building. We’re not actually sure how stable the building is,’ Fire Chief Michael Carlsten said. ‘Even while we were on the scene, we did have multiple secondary drops of debris coming from that structure.

‘We want to make sure that all of our first responders are able to process through in a safe manner,’ he continued. ‘But we still want to get through there as quickly as possible.’ 

Mayor Mike Matson also promised to focus on rescue efforts, though he reasserted that the apartment complex is still an active scene.

‘We will continue to work, continue to evaluate, with the whole purpose of trying to find people and trying to get them out,’ he said. 

Several current and former tenants told the Quad City Times that the building had issues in the past.

County assessors’ records show that nearly 20 permits were filed in 2022 for the building — mostly for plumbing or electrical issues. 

Fire crews who arrived at the scene said they found a water leak and a gas leak, though it is unclear whether either of those leaks led to the collapse

Fire crews who arrived at the scene said they found a water leak and a gas leak, though it is unclear whether either of those leaks led to the collapse

Police blocked off the downtown roads around the Davenport apartment building

Police blocked off the downtown roads around the Davenport apartment building

‘Four months ago, I got a call from the city that told me I had 48 hours to get out because the building was being condemned because bricks were just falling off,’ Todd Wilson told the outlet.

‘What they did was they switched ownership and they gave them time to fix it, but they didn’t do it properly.’

Jennifer Smith also said he never had heat or air conditioning. 

‘It sounds bad, but we have been calling the city and giving complaints since December. Our bathroom caved in December,’ she said. ‘We call and report it  and it’s always, “We’ll fix it, we’ll be there” and they don’t.’

She added that 14 units were condemned in January ‘and they were in the back where it caved.’

Many of those residents, Smith said, cannot afford to live anywhere else. 

The building was first opened in 1906, and was the home to the Davenport Hotel, the finest accommodations at the time

Davenport’s director of development and neighborhood services Rich Oswald said the building’s owners had permits to make reports to the exterior bricks before the collapse, according to KWQC. 

There were reports of bricks falling from the building earlier in the week that was part of the work, he said. 

The building was first opened in 1906, and was the home to the Davenport Hotel, the finest accommodations at the time. It is listed on the National Register of Historic Places, meaning its façade must be maintained.

The building’s owner, Andrew Wold, has yet to comment on the collapse. 

Police and rescue crews remained on scene Sunday night as they asked people to avoid the downtown area. 

The American Red Cross is now assisting tenants with finding accommodations, and Davenport Mayor Matson said he is in contact with Iowa Gov. Kim Reynolds who has ‘offered all assistance.’





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