Paperchase has secured a rescue deal, which will save stores and protect jobs.

The retailer is expected to announce details later on Wednesday, however, Sky News learnt that the rescue deal is Permira Debt Managers who is connected to its current private equity owners.

Paperchase has been owned by private equity firm, Primary Capital, since 2010

The new deal is expected to protect 90 of the 125 stores. More details will be announced this afternoon. Permira Debt Managers have provided funding to the retailer since 2015.

Paperchase appointed administrators earlier this month, saying that the pandemic had put high strain on the retailer.

A spokesperson for Paperchase said: “The cumulative effects of lockdown one, lockdown two – at the start of the Christmas shopping period – and now the current restrictions have put unbearable strain on retail businesses across the country.

“Paperchase is not immune despite our strong online trading. Out of lockdown we’ve traded well, but as the country faces further restrictions for some months to come, we have to find a sustainable future for Paperchase.

“We are working hard to find that solution and this NOI is a necessary part of this work. This is not the situation we wanted to be in. Our team has been fantastic throughout this year and we cannot thank them enough for their support.”

Store closures throughout November and December last year wiped out the most important months of the year for the retailer

Despite the rescue deal and many stores saved, it is expected that some redundancies may go ahead.

ScS Group posted strong sales in the 26 weeks to 23 January.

The sofa retailer saw gross sales jump 13.9% to £182.3m over the past six months – this is up from £160m a year earlier.

ScS Group benefitted from a surge in sales over the lockdown period and the pent-up demand whilst stores were closed. In the first quarter, online sales jumped by 98%.

New lockdown restrictions means that stores are closed again, which led to a slump in sales.

The comapny’s order book is at £90m. This is £16m more than at the same period in 2019. Like-for-like order intake fell by 9% over the period but it increased by 12% in the 21 weeks to December 19, 2020.

ScS Group has said that it remains “cautiously optimistic” after posting recent results.

“Whilst it is too early to provide clarity on the outlook for the weeks and months ahead, we remain cautiously optimistic given the strong trading experienced by the Group following the first and second lockdowns,” said the group in a trading statement.

“Given the tactile nature of our products, the majority of customers chose to wait until stores re-opened to try our products in person before making their purchasing decision. This resulted in the business benefiting from pent-up demand, coupled with an increased level of investment by UK consumers in their homes. The Group has built a robust balance sheet and continues to focus on cost and cash management to ensure we maintain this resilience in these challenging times.”

ScS Group shares (LON: SCS) are trading +0.48% at 211,00 (0828GMT).

Shore Capital analysts, Darren Shirley and Clive Black, commented: “At the start of the important winter trading period on Boxing Day, ScS was trading from 57 out of its total 100 stores, with a further 37 forced to closed on the 30th December; with all closed on the 4th January. The stores are reported to have traded strongly whilst open.

“Online continues to partially compensate for store closures, increasing by 98% in the period, though most customers appear to want the tactile experience of a store visit ahead of purchasing furniture, and particularly floorings!

“Despite this end of period decline, the news on the ScS’ order book is broadly encouraging, sitting at £90.5m on the 26th January (inc. VAT), which is £16.8m higher year-on-year.”

Goldman Sachs chief executive, David Solomon, was hit with a $10m (£7.3m) pay cut after the bank’s involvement in Malaysia’s 1MDB scandal.

Solomon’s salary for the year fell from $27.5m in 2019 down to £17.5m – a reduction of 36%.

Following an investigation, it was found that Goldman Sachs bankers paid over $1.6bn in bribes to foreign officials in Malaysia and Abu Dhabi in order to win the 1MDB fund business. The bank has said its involvement in the scandal was an “institutional failure”.

“The board views the 1MDB matter as an institutional failure, inconsistent with the high expectations it has for the firm,” said the bank in a statement.

Over $6.5bn was raised by Goldman Sachs for 1MDB – most of which was stolen.

Whilst Solomon’s pay has been cut, bank executives stressed that he was not aware of the fraudulent activity that was taking place. The bank said that Solomon was not “involved in or aware of the firm’s participation in any illicit activity at the time… the board views the 1MDB matter as an institutional failure, inconsistent with the high expectations it has for the firm”.

The 1MDB has been investigated for years by regulators in the US, UK, Singapore, Malaysia and Hong Kong. It cost Goldman Sachs over $5bn, however, despite the costs the bank was still able to enjoy a strong year. The bank had an annual revenue of $44.6bn in 2020 – the highest level since 2009.

Chief operating officer of Goldman Sachs, John Waldron, is also having his pay cut. His salary for 2020 will fall $6m to $18.5m.

Brian Rabbitt, acting assistant attorney general of the Justice Department’s criminal division, commented at the time: “That harm was borne principally and in the first instance by the people of Malaysia, who saw a fund created to benefit them… instead turned into a piggybank for corrupt public officials and their cronies.”

Saga has announced that it is in talks with lenders about its debt levels, causing shares to dip 1.51% on Tuesday morning.

However, despite the negative impacts the business has seen throughout the pandemic, the cruise operator has reported a surge in bookings amid the vaccine rollout.

Saga said that lenders have been “supportive” as the group has seen net-debt jump from £139m to £785m since July.

Saga chief executive, Euan Sutherland, said: “We have made good progress in delivering our new strategy and have accelerated the pace of change at Saga, against the backdrop of the challenges that the Covid-19 pandemic has brought to our business.

“Insurance remains resilient, while within travel we are focusing on ensuring the safest possible environment for our guests when cruise and holidays resume, whilst appropriately controlling costs until that time.

“We are confident in our strategy, the strength of our brand and the loyalty and economic resilience of our customers.

“We know they are ready to travel in great numbers and live their lives to the full as the vaccine programme is rolled out. We are excited about the opportunities ahead as we focus on delivering more exceptional experiences for our customers.”

Last week, Sage said that it will require all customers travelling this summer to be vaccinated. The group will require passengers to have both shots of the vaccine at least 14 days before travel as well as provide a negative Covid test at departure.

Nick Stace, chief executive of Saga’s travel arm, commented: “Given that many of our customers are in the priority age range and we’ve done calculations based on what government has said, we think shortly after beginning of May almost all of customers will have received a second vaccination.”

Saga shares (LON: SAGA) are trading -3.99% at 266,72 (1133GMT).

Crest Nicholson has reported a £10.7m loss after tax, which is compared to last year’s £82.5m profit.

Revenue at the housebuilder fell from £1.09bn to £677.9m amid the pandemic, however, the group has said that it will reinstate dividend payments this year as housing demand continues to bounce back.

Crest Nicholson has repaid the £2.5m from the furlough scheme.

In the year to October 3, the group sold 2,247 home – this is 22.8% lower than the previous year.

Since restrictions eased in May last year and the government introduced the stamp-duty holiday, the group has a seen a boost in trading thanks to pent-up demand and people wanting more space.

Chief executive Peter Truscott said: “The impact of Covid-19 has clearly had a defining impact on this year’s financial performance.

“It has challenged all of us in ways we could not have predicted, and I would like to recognise at the outset, the incredible job the team at Crest Nicholson have done in keeping our operations running safely and securely during the pandemic.

“We had to make some difficult decisions during this year but because we acted swiftly we have ensured the Group enters 2021 in strong shape and will remain resilient to whatever challenges this year brings.

“We have made strong progress on all elements of our strategy, delivered profit ahead of our revised guidance and strengthened the balance sheet as we promised,” he added.

Crest Nicholson shares are trading +1.37% at 310.40 (0926GMT).

Pub City Group posted a trading statement for the 52-week period to 27 December 2020, revealing a 57% plunge in sales.

The pub chain, which owns 48 pubs across Southern England and Wales, saw sales fall from £60m to £25.7m amid the pandemic and Coronavirus restrictions.

However, despite the drop in sales over 2020 Pub City Group is still making plans to expand and has four development sites. The group said: “Actions to enhance and improve the business during the pandemic will enable the Group to rapidly take advantage of pent-up consumer demand and opportunities that will undoubtedly emerge.”

The cash burn has been reduced to £300k per month, which is excluding all government grants with the exception of furlough. pub City Group expects a rapid return to cash generation and profitability once they reopen due to the enhanced operational model.

The group has furloughed all staff – except eight employees.

Clive Watson, Chairman of City Pub Group said: “2020 has been a very challenging year, but decisions made since March 2020 with regards to the fundraising, cost control, streamlining of the business, and strengthening of the board has resulted in a very strong balance sheet, good levels of liquidity, a strengthening of our business model, a more focussed proposition and most importantly, pure determination to go out there and do the business once the pubs reopen. 

“We have the right people in the key roles, whether in the pubs or head office and a fantastic estate to trade from. I look forward to a time when I can announce to shareholders that we are on the acquisition trail again, but this will only be considered once we are hitting high levels of optimisation from our existing capacity,” he added.

Shell has announced plans to buy ubitricity – the German on-street electric car-charging company.

The oil-giant is under growing pressure to cut its carbon emissions. Shell has set out plans for “green” forecourts, which includes electric charging and biofuels.

The deal is expected to be completed by the end of the year and is a big step in the race for electric vehicle charging as the deadline to ban the sale of new fossil fuel vehicles is 2030.

The head of Shell’s global mobility business, István Kapitány, said: “On-street options such as the lamp post charging offered by ubitricity will be key for those who live and work in cities or have limited access to off-street parking.

“Whether at home, at work or on the go, we want to provide our customers with accessible and affordable EV [electric vehicle] charging options so they can charge up no matter where they are.”

Ubitricity has over 2,700 charge points across the UK and over 1,500 charge points across Germany and France.

Lex Hartman, ubitricity’s chief executive, commented: “Particularly in larger cities where there is limited access to off-street parking, this is the solution many people have been waiting for to allow them to transition to EV ownership. Combining this piece of the puzzle with Shell’s existing range of EV charging solutions gives EV drivers access to a full range of charging options, making Shell and ubitricity a perfect match.”