City Moves for 16 November 2016 | Who’s switching jobs November 16, 2016 HSBC HSBC’s Sanjeev Chopra is to join Psigma Investment Management as investment director in January 2017 reporting to John Howard-Smith, CEO. A seasoned investment professional, Sanjeev has worked at HSBC for nearly two decades, his most recent role being client director at HSBC Global Asset Management. IHS Markit IHS Markit has appointed Andrew Aziz as the global [...]
John Lewis Partnership considers further reforms to staff benefits as squeeze on retailers tightens November 4, 2016 High street stalwart the John Lewis Partnership is considering further curbs on staff benefits as it becomes the latest retailer to fight back against soaring costs for the sector. Documents seen by City A.M. suggest the escalating national living wage could cost the John Lewis Partnership an additional £171m in 2020. Between 2015, when the [...]
Brexit hasn’t impacted the number of companies going pop too much. Yet… October 28, 2016 The number of companies going bust is edging up as experts predict that it is only a matter of time before numbers may rise more rapidly as a result of the Brexit vote. The latest data, released by the government's insolvency service, reveals that there were 3,633 corporate insolvencies in the three months since Britain's decision to leave [...]
Boom time in the City as Brexit gives a boost to professional advisers October 24, 2016 The UK's vote for Brexit has delivered a big boost for City advisers as firms scramble to find out how they should respond to a period of unprecedented uncertainty. Insolvency firm Begbies Traynor found the number of professional services firms in "significant financial distress" had dropped by 10 per cent since the EU referendum, as new [...]
National living wage pushes tens of thousands of companies into financial distress October 11, 2016 Nearly 100,000 businesses have been pushed into financial distress due to the introduction of the national living wage six months ago. According to data from insolvency firm Begbies Traynor, 97,342 firms impacted by the introduction of the national living wage are now struggling financially, an increase of 23 per cent since the legislation came into [...]
Staycation spending on the up as Britons opt for home-bound holidays August 26, 2016 Domestic holidaymakers are shelling out more on their UK staycations, new research from Barclays Business shows. The average spend on trips in the UK has grown six per cent in the last year to £22.1bn, at £613 per party, up from £575 in 2015. Londoners were willing to fork out more to stay in the [...]
This seaside resort has benefited the most from the UK’s staycation boom this summer August 24, 2016 Britain's most famous seaside resorts benefitted from the booming trend in staycations this summer, according to research from Epos Now, as they were bolstered by the fall in the pound after June's Brexit vote. Brighton topped the bucket and spade charts, with a 12.8 per cent revenue rise recorded by hospitality businesses between 17 July to 17 August compared to [...]
Falling ill on holiday could cost you as much as a house, the Association of British Insurers warns August 11, 2016 The high cost of overseas medical bills means falling ill abroad could cost double the amount of an average UK house. Insurers are now processing claims from more than 3,000 British travellers per week who require emergency medical care while abroad, according to the Association of British Insurers (ABI). While the average travel insurance claim [...]
Staycations are in: UK tourism industry set to be the first to benefit from last month’s Brexit vote July 25, 2016 It might be time to get your bucket and spade ready: the UK's tourism industry is set to be one of the first segments of the economy to benefit from last month's Brexit vote as "staycations" prove they're here to stay. The drop in Sterling since the Brexit vote will add momentum to the domestic tourist [...]
Begbies Traynor swings into profit by pinpointing property to overcome lacklustre insolvency market July 12, 2016 Begbies Traynor revealed a reverse in fortunes today, swinging into a profit in its most recent financial year. The figures The business recovery and property services consultants reported a profit before tax from continuing operations of £558,000 for the year to April, up from a loss of £723,000 the year before. Meanwhile, the company brought in [...]