New car sales fall in crucial month for Britain’s car industry as Brexit uncertainty lingers April 4, 2019 New car registrations dropped by 3.4 per cent last month as political and economic uncertainty continues to hit demand. Demand slipped in both private and business sectors as sales hit their lowest March level since 2013, according to new figures from the Society of Motor Manufacturers and Traders (SMMT). Read more: Cost of meeting emissions [...]
EY continues expansion into law with Thomson Reuters managed legal services acquisition April 4, 2019 EY has announced the acquisition of a 1,000 strong managed legal services business from Thomson Reuters, marking another step forward in the Big Four audit firm’s push into the legal sector. The deal follows EY’s acquisition of tech-heavy alternative legal provider Riverside Law in August which was widely seen in the sector as underlining EY’s [...]
MPs call for full breakup of audit’s Big Four in wake of scandals April 2, 2019 MPs have triggered a war of words in the City after calling for a radical breakup of accountancy’s Big Four firms. A highly-anticipated report by the Business, Energy and Industrial Strategy (Beis) Committee, released today, said the audit and consultancy arms of Deloitte, EY, KPMG and PwC should be forcibly divided to drive up competition [...]
Philip Day steps back from race to buy collapsed high street shoe store LK Bennett March 31, 2019 Philip Day, the billionaire owner of retailer Edinburgh Woolen Mill, has removed himself from the competition to buy collapsed shoe seller LK Bennett. The retail tycoon had lodged a bid with administrators at EY, joining Sports Direct boss Mike Ashley, as well as Chinese fashion entrepreneur Rebecca Feng and former LK Bennett chief executive Darren [...]
Mortgage approvals fall as lending to businesses also drops March 29, 2019 Mortgage approvals for house purchases fell in February while the number approvals for remortgaging also decreased, data released today showed. Meanwhile, the annual growth of bank lending to businesses fell in February for non-financial businesses, reversing an increase in January, Bank of England (BoE) data revealed. Read more: Sluggish GDP growth and shrinking business investment in UK [...]
Chinese offer comes in for LK Bennett days before administrators set to finalise deal March 28, 2019 A Chinese firm which supplies retailer LK Bennett has weighed in on the fight to buy the chain from administrators, as hopes grow the majority of its workers will retain their jobs. Byland UK, a newly incorporated company, has been set up with the objective of buying LK Bennett, Sky reported. Read more: Footwear chain [...]
Mitie ‘would be foolish’ not to consider buying Interserve’s support services arm, says chief Phil Bentley March 28, 2019 The boss of outsourcer Mitie has confirmed the company has expressed an interest in buying Interserve’s support services business. Speaking to City A.M., chief executive Phil Bentley said reports that the company was looking to cash in on Interserve’s collapse into administration were a result of Mitie “registering an interest”. Read more: Mitie's order book shrinks as [...]
Mitie’s order book shrinks as outsourcing sector battles ‘undoubted challenges’ March 28, 2019 Mitie’s shares slid this morning as it announced its order book had thinned by around one-tenth in the last year amid tricky conditions for outsourcers. Chief executive Phil Bentley said the decline was part of a shift towards “adding more value and services to our top clients,” as the firm continues to battle headwinds from several [...]
Footwear chain Dune tables offer to save struggling retailer LK Bennett March 27, 2019 Footwear chain the Dune Group has tabled an offer for LK Bennett as the struggling fashion retailer’s administrators prepare to select a buyer. Dune, which operates 40 standalone stores and 175 concessions in the UK, was one of a handful of potential buyers to submit final bids earlier this week, Sky News reported. Read more: [...]
UK mortgage approvals fall as Brexit uncertainty bites March 26, 2019 Mortgage approvals in the UK have fallen year-on-year as homebuyers put off their decisions amid political uncertainty, new data has revealed. The number of mortgages approved by the main high street banks in February was 2.2 per cent lower than the same month in 2018, the finance and business services body UK Finance said today. [...]