Exclusive: Banks failing to prioritise the climate will lose customers, survey shows December 22, 2020 Customers are expecting more from their banks when it comes to climate change and could lose out to more green competitors if they fail to prioritise the environment. Some 71 per cent of UK banking customers are more likely to choose a bank with a positive social and environmental impact, according to new research from [...]
Boohoo appoints new auditor following factory working conditions scandal December 21, 2020 Boohoo has appointed PKF Littlejohn as its auditor, after PwC quit earlier this year in the wake of allegations of poor factory conditions in the fashion group’s supply chain in Leicester. Deloitte, KPMG, BDO and Grant Thornton each ruled themselves out of the race to replace PwC, with PKF ultimately winning the bid. PKF will [...]
How activist investors will circle in on UK corporates in 2021 December 20, 2020 As companies plan for their post-pandemic future there are signs that they will have to contend with a new threat: activist investors. Activists have so far been biding their time. The usually vocal Edward Bramson paused his campaign against Barclays boss Jes Staley at the start of the year. Bramson has repeatedly called for the [...]
Next mulls bid for Sir Philip Green’s collapsed retail empire Arcadia December 18, 2020 Next is reportedly weighing up a bid for Sir Philip Green’s collapsed retail empire Arcadia with US investment firm Davidson Kempner Capital Management. The high street retailer is holding detailed discussions with Davidson Kempner about a combined offer for Arcadia, the owner of Topshop, Dorothy Perkins and Miss Selfridge, after it fell into administration last [...]
Boohoo exits 64 Leicester factories over code of conduct breaches following supplier scandal December 16, 2020 Boohoo terminated relationships with more than 60 Leicester suppliers following an investigation into working conditions at garment factories in the city. The fast fashion firm has exited 64 factories following a scandal that found some clothing suppliers in the city were paying workers less than minimum wage. Boohoo’s director of responsible sourcing and product operations [...]
Covid-19 brings Arcadia into administration, but Topshop’s brand has struggled for years December 2, 2020 Retail group Arcadia, owner of British high street giants Topshop and Dorothy Perkins, hired administrators this week after the coronavirus pandemic “severely impacted” sales. The retail empire, which is owned by controversial businessman Sir Philip Green, failed to secure extra funding to pay its debts despite the Black Friday sales period. While the pandemic created [...]
Topshop owner Arcadia collapses putting 13,000 jobs at risk December 1, 2020 Sir Philip Green’s retail empire Arcadia, the owner of Topshop and Dorothy Perkins, has collapsed into administration, putting more than 13,000 jobs at risk. The company, which has become the biggest retail casualty of the coronavirus crisis, announced this evening that it has appointed Deloitte as administrator. More than 13,000 jobs are at risk following [...]
Topshop collapse: What went wrong for Sir Philip Green’s Arcadia retail empire? November 30, 2020 Topshop was a beloved high street brand, had secured lucrative partnerships with Kate Moss and Beyonce, and boasted star-studded front rows at its London Fashion Week shows. Now, it's facing collapse.
To qualify or not to qualify? Auditors move to ditch risky clients November 30, 2020 Qualifying an audit could lead to unhappy clients and litigation risks, so it is safer to ditch clients instead, an expert has told City A.M., after several auditors dropped clients in October. Last month three separate auditors terminated contracts with clients in compromising circumstances. At the time the reputational risk of being associated with the [...]
Sir Philip Green’s Arcadia facing collapse within hours November 30, 2020 Sir Philip Green’s retail empire Arcadia, which owns high street brands Topshop and Dorothy Perkins, is reportedly on the brink of collapse this morning. The retail group could become the latest casualty of the coronavirus pandemic and appoint administrators as soon as this afternoon, City A.M. understands, which would put 13,000 jobs at risk. Mike [...]