A market cap is the quickest way to inject some competition into audit March 7, 2019 As you read this, the Kingman review, the Competition and Markets Authority review, the Brydon review, and the Business, Energy and Industrial Strategy Select Committee are all scrutinising the audit profession following a series of high-profile scandals. Failures such as Carillion, BHS, and Patisserie Valerie present very different problems, but each case rightly led to [...]
City Moves for 5 March 2019 – Who’s switching jobs at Co-op, Deloitte and Hunters? March 5, 2019 Today's City Moves cover the Co-op Group, Deloitte and Hunters. Take a look at these movers and shakers. Co-op Group Central England Co-op has welcomed its new chief executive Debbie Robinson on her first day with the society. Debbie was appointed in November last year and will oversee one of the largest independent retail co-operative [...]
Top financial PR firm cuts ties with Sir Philip Green amid conduct allegations February 27, 2019 Sir Philip Green’s financial PR firm is set to jump ship tomorrow in the latest corporate blow to the embattled mogul, just days after Baroness Karren Brady quit as chair of his retail empire. City A.M. understands that Green’s communications consultancy Maitland/AMO is ending its relations with the scandal-hit tycoon tomorrow evening amid mounting public [...]
Government departments spend more than £100m on Brexit consultant contracts February 23, 2019 The UK government has contracted outside help on Brexit in deals worth £107m since the 2016 EU referendum. The majority of that money has been spent on consultancy work, with more than £90m given to companies specialising in those services ahead of the UK’s exit from the European Union. There are six companies receiving contracts [...]
Despite Brexit uncertainty, City links across the Irish Sea continue to flourish February 11, 2019 Amid the ongoing debate about the Irish border and the Brexit backstop, it would be easy to lose sight of the City’s flourishing links across the Irish Sea. Both Northern Ireland and the Republic of Ireland share a long history with the Square Mile. These ties have grown in recent years as the City Corporation [...]
Liverpool post record revenues as pre-tax profits hit £125m February 8, 2019 Liverpool Football Club made a pre-tax profit of £125m after posting record revenues for the financial year ending 31 May 2018. The club saw revenue increase to an all-time high of £455m, with pre-tax profits growing by more than 300 per cent from £40m to £125m, according to the club's accounts. Liverpool's turnover increased by [...]
Big Four accountants push back against breakup proposals February 7, 2019 The Big Four accountancy firms have fired back at the competition regulator’s proposal to break-up their UK operations. In their responses to the Competition and Markets Authority’s (CMA) outlines for shaking up the audit market, Deloitte, EY, KPMG and PwC all resisted a suggested split. David Barnes, managing director for public policy at Deloitte UK, [...]
Restaurant sector defies confidence slump as UK leisure spending grows February 6, 2019 Restaurant goers continued to show an appetite for dining out towards the end of last year, with net spending in the UK’s leisure sector rising in the final three months of 2018. According to a new report from Deloitte, the UK’s leisure industry grew by two percentage points year-on-year in the fourth quarter of 2018, [...]
Regional construction activity booming despite Brexit gloom, says Deloitte February 5, 2019 Construction activity at four major regional UK cities is at record levels, despite uncertainty around Brexit causing industry growth to falter, according to research. Accounting firm Deloitte’s regional crane survey covering Leeds, Birmingham, Manchester and Belfast showed growing activity across sectors including projects building office space, hotels, retail sites, education facilities and student housing. Read [...]
More than three quarters of CFOs believe the UK will be worse off out of the EU, says Deloitte February 4, 2019 More than three-quarters of chief financial officers believe the UK will be worse off as result of leaving the EU, a new Deloitte survey has found. Approximately 80 per cent of CFOs surveyed by the big-four accountant said they expected the long-term business environment to be worse on leaving the EU. The UK is scheduled to leave [...]