Business

Insurers must pay businesses for lockdown losses, Supreme Court rules

The Supreme Court has ordered insurers to pay out hundreds of millions to businesses following claims made during the COVID pandemic.

The Manc The Manc - 15th January 2021

This article contains affiliate links

Chris Panas / Pexels

The Supreme Court has ordered insurers to pay out hundreds of millions to businesses following claims made during the COVID pandemic. 

Thousands of small firms have been waiting for money to cover losses from the first national lockdown, which they believed would be covered by business interruption insurance.

However, despite companies being unable to trade, many insurers – including the likes of Hiscox, RSA, QBE, Argenta, Arch and MS Amlin – refused to pay, arguing that only specialist policies covered such widespread closures. 

The Supreme Court has now rejected this appeal, with insurance companies being urged to pay up on many policies. 

The Hiscox Action Group (HAG), representing 400 claimants, called the ruling a “full victory”.

MP for Manchester Central Lucy Powell also hailed the decision as a “relief”, saying “it shouldn’t have gone this far”.

One firm representing companies that have suffered losses due to COVID-19 is My Business Solicitor – which is supporting claims for actual and forecast losses, loan charges, staff costs and rent.

The company warned businesses: “Many insurance companies will now approach previous and potential claimants to make a minimal offer of compensation in order to reduce their costs.

“You deserve more.

“As lockdown measures tighten, there is no better time to claim.”

Sheldon Mills, from the Financial Conduct Authority (FCA), which brought the case on behalf of policyholders, said: “Coronavirus is causing substantial loss and distress to businesses and many are under immense financial strain to stay afloat. 

“Today’s judgment decisively removes many of the roadblocks to claims by policyholders.

“We will be working with insurers to ensure that they now move quickly to pay claims that the judgment says should be paid, making interim payments wherever possible.”

You can find out if you’re eligible for a claim by visiting My Business Solicitor online.

Business

Gymshark is opening its first standalone northern store in Manchester this weekend

Emily Sergeant Emily Sergeant Outside the new Gymshark store

A huge new Gymshark store is opening in Manchester tomorrow, and it’s the brand’s first standalone store in the North.

The global sportswear and fitness brand will be setting up shop at the Trafford Centre and taking over a large 7,500 ft space on Upper Peel Avenue with all of its iconic Gymshark ranges, including the massively ‘Vital’ and ‘Power’ collections, as well as some exciting new exclusives for Gymshark Trafford Centre.

The store itself is said to have Gymshark’s ‘increasingly trademark’ look and feel throughout it, including mannequins that are created from the image of real people in the community, different destinations for its hero products, and spacious changing rooms with bespoke lighting.

Unfamiliar with Gymshark? Since it was founded by Ben Francis from his garage in 2012, the brand has gone on to become one of the UK’s greatest business success stories of the 21st century – with more than 20 million people across 200 countries now counting themselves as members of the Gymshark community.

Gymshark is opening its first standalone northern store in Manchester this weekend / Credit: Supplied

The new Trafford Centre will be Gymshark’s first standalone store in the UK outside of London, and follows recent openings in Dubai and Amsterdam, as well as coming ahead of the opening of Gymshark’s first flagship store in the US later this year.

Most importantly, it builds on the brand’s long association with Manchester, as one of the first-ever Gymshark meet-ups was in the city, as well as its first ‘Lift’ event post-COVID.

Gymshark also credits the public’s reception to its space inside Selfridges at the Trafford Centre as one of the driving forces behind its choice to open a permanent store within the shopping centre, calling it ‘nothing short of spectacular’ and adding that the new opening genuinely solidifies Manchester’s role as a ‘big brother’ to a Brummie brand.

“We’re thrilled to welcome Gymshark’s first Northern store to Trafford Centre this weekend, joining our growing athleisure and sportswear offering at the centre,” commented Simon Layton, who is the Centre Director at Trafford Centre.

“We have no doubt that Gymshark will prove immensely popular and can’t wait to welcome them on opening day.”

Read more:

Gymshark is opening at the Trafford Centre tomorrow (Saturday 12 July) with a grand ribbon cutting at 10am, followed by goody bags, refreshments, and merch being handed out for those waiting in line.

There’ll also be different fitness challenges to take part in too, in true Gymshark spirit.

Featured Image – Trafford Centre

Business

Much-maligned derelict Stockport site to be turned into town’s latest tower block

Danny Jones Danny Jones Stockport town centre's derelict Victoria House building being turned into new apartments tower block

A derelict site in the centre of Stockport is finally set to be bulldozed and turned into a brand new tower block worth a reported £70 million.

The regularly reviled Victoria House on Wellington Street, situated close to the large, grey Stopford House and opposite a local branch of Grosvenor Casinos, was built back in the 1960s – as its old metropolitan exterior makes evident – and has been tipped for redevelopment over the last decade.

Sitting on the corner of the Greek Street roundabout, it has remained mainly empty since 2019, with various developers looking to transform it into various residential reboots.

Now, nearly 10 years later, the building looks to be finally ready for the next chapter and a new lease of life, with property firm Progressive Living (PL) hoping to turn it into two main eight and 20-storey tower blocks, with tiered levels, different room capacities and rooftop spaces.

The land has been subject to plenty of urban exploration.

The former office building was once part of the nearby Jobcentre Plus branch, just down the road, not to mention one of several similar abandoned and underutilised spaces with untapped potential in the area.

Along with the demolition of the structure itself, the adjacent Fletcher Street car park that sits between Victoria House and the aforementioned casino will also make way for the apartments.

With the planning permission application submitted earlier this year and officially greenlit by Stockport Council on Thursday, 3 July,

Promising a mix of one, two and three-bed properties, the company are planning to build a total of 245 homes, though there has been some criticism regarding affordability – a significant increase on the initial idea to turn the 13,000 sq ft office unit into 21 flats some years ago.

The project will be brought to life using funds taken from the £5.7m grant set aside for the town by the Greater Manchester Combined Authority.

Speaking on the project, PL director David Fairclough said: “We’re delighted to have secured planning for what will be a flagship scheme for Stockport.”

“This approval represents a major milestone for a project that’s been six years in the making, and we’re proud to play our part in shaping the next chapter of the town centre’s transformation.

“With demolition due to start later this year, we’re looking forward to delivering much-needed new homes in a sustainable, future-focused way.”

A CGI of what the new residential tower block in Stockport town centre will look like. (Credit: PL)

Construction is slated to start next spring, and they’re hoping to complete the project by summer 2028.

Developers hope to start demolition works this year, with construction expected to start in spring 2026, and completion targeted for Summer 2028.

Local councillor Micheala Meikle, who serves as the town’s cabinet member for regeneration, said: “This is another important step in transforming Stockport as part of the UK’s biggest town centre regeneration.

“These high-quality new homes will bring more people into the heart of the town, supporting local businesses and making the most of our new transport links.

“With the Mayoral Development Corporation delivering 8,000 new homes and Metrolink on the horizon, we’re building a town that works for the future – somewhere people choose to live, work and put down roots.

“This is exactly the kind of accessible, sustainable scheme we want to see in the town centre — creating homes for all ages as part of a thriving, low-carbon community.”

Trams are officially coming to Stockport as part of £2.5bn investment package

Read more:

For all the latest news, events and goings on in Greater Manchester, subscribe to The Manc newsletter HERE.

Featured Images — Razor Twisted Exploring (via YouTube)/Progressive Living (press shots)

More Business

Embassy homeless village Manchester tour preview progress

Business

A preview of a promising philanthropic project as Embassy Village makes progress

Church Street Car Park

Business

‘Eyesore’ Northern Quarter car park to be redeveloped as ambitious new neighbourhood

Hotspur Press aftermath

Business

Petition launched to rebuild Hotspur Press in its ‘original form’ following devastating fire

Audio

Clint Boon takes us around Manchester's iconic Deaf Institute

Eats

We go meatballs deep with Mira's traditional Neapolitan sandwiches