Auditor BDO quits Tory co-chair’s concierge service Quintessentially August 17, 2022 BDO is reportedly resigning as auditor of Quintessentially, the members-only concierge service founded by Tory party co-chair Ben Elliot, following a breakdown in their relationship. The auditing firm has cut ties with Quintessentially’s travel service, and is also set to exit its relationship with the wider group, the Financial Times reported. BDO declined to comment on the report. [...]
Ladbrokes owner Entain fined record £17m over social responsibility and money laundering failures August 17, 2022 The gambling watchdog whacked the betting shop owner Entain with record £17m this morning over “completely unacceptable” anti-money laundering and social responsibility failures. The Gambling Commission said the Ladbrokes and Coral owner repeatedly failed to protect problematic gamblers from betting huge sums in their shops and online casinos. The commission said the firm let blocked [...]
High commodity prices boost bin collector Biffa’s recycling revenues August 17, 2022 Waste collection company Biffa today posted “strong” financial results as high commodity prices bolstered the firm’s recycling business whilst offsetting far-reaching inflationary pressures. The High Wycombe headquartered firm said it had cut its statutory losses by 57 per cent from £40.5m in 2021 to 17.6m in 2022. The stronger financial performance came as Biffa’s [...]
Plus500 launches $60.2m share buyback after jump in profits August 17, 2022 FTSE 250 fintech firm Plus500 said its profits had surged to $312.6m in the first six months of the year as it unveiled a bumper buyback programme to put excess cash back in shareholders’ pockets. Bosses said pre-tax profits had jumped to $312.6m in the six months to the end of June, up from $188.7m [...]
MPs call for inquiry into FCA’s handling of Blackmore Bonds scandal August 16, 2022 The UK’s financial watchdog has been accused of failing to intervene in a risky property investment scheme that lost investors millions. MPs have called for inquiry into the UK’s Financial Conduct Authority (FCA) over its handling of the Blackmore Bonds scandal, that saw thousands of ordinary investors lose combined sums of £46m. The MPs’ call [...]
Harrods threatens to become first major employer to use agency staff as strikebreakers August 16, 2022 The staffing agency industry’s trade body has hit out at Harrods after the luxury department store threatened to take advantage of new laws allowing it to break strikes using temporary workers. Harrods told its staff it is willing to use temporary workers to keep its shop running after employees at the Knightsbridge shop threatened to [...]
Mishcon de Reya spent £12m on shelved London IPO August 16, 2022 Mishcon de Reya spent almost £12m in readying itself to list on the London Stock Exchange, before shelving its initial public offering (IPO) in June. In a Companies House filing, the law firm said it spend more than £11.7m on preparing for its IPO before calling the public float off for the “foreseeable future due [...]
Watches of Switzerland to open new flagship London Rolex store August 16, 2022 Watches of Switzerland today set out plans to open a new 7,200 square foot flagship Rolex shop in Mayfair after posting strong results for the first half of 2022. The watch seller will relocate its Rolex Boutique from its current 900 square foot premises on Bond Street to new much larger premises down the [...]
The Sage Group snaps up Seattle software developer Lockstep August 16, 2022 THE SAGE Group, the UK’s largest tech company, has acquired Seattle software developer Lockstep as part of its ongoing efforts to capitalise on the fast-paced growth of cloud computing. The takeover deal will see Sage – a major developer of accounting, HR, and payroll technology – snap up accounting software company Lockstep for an undisclosed sum. [...]
Bulk annuity transactions set to hit record levels in 2022 August 15, 2022 The UK market for bulk annuity transactions is on track to hit record levels this year, pensions experts have said. The value of all UK bulk purchase annuities deals is already up by 50 per cent compared to last year, and could hit historic levels by the end of the year. The increase in [...]
