KPMG ‘to sell’ restructuring arm in £400m deal March 2, 2021 Big four accountancy firm KPMG is set to announce the sale of its UK restructuring arm in a deal worth £400m, according to reports, as the company braces for sweeping new audit reforms. The division, which will be renamed Interpath Advisory, will automatically become the largest restructuring firm in the UK by employee count, Sky [...]
Hurst Point completes acquisition of Hawksmoor Group March 2, 2021 Private equity firm Hurst Point Group has fully acquired Hawksmoor Group, completing the transaction on 1 March 2021. Investment management firm Hawksmoor will become a separate subsidiary of Hurst Point. Hawksmoor CEO Sarah Soar said: “Today marks a landmark in the history of Hawksmoor. Becoming part of the Hurst Point Group gives us support to [...]
Hospitality redundancies: How many restaurant and pub jobs have been lost during the pandemic? February 27, 2021 How many restaurant and pub jobs have been lost during the pandemic?
Serco boss: Pandemic proves importance of private and public sector co-operation February 25, 2021 The coronavirus pandemic has shown how strong the government and private sector can be when they work together, the boss of Serco, which is running the NHS Test and Trace service, has said. Speaking to CityAM, Rupert Soames defended the much-maligned system, saying that after some initial challenges it was now a “world-beating” programme. He [...]
KPMG splits chief exec and chair roles following ‘stop moaning’ controversy February 25, 2021 KPMG will split the role of chair and chief executive, following the furore surrounding comments made by Bill Michael, its former senior partner and chair. Michael resigned earlier this month after a video surfaced online of the boss telling staff to “stop moaning” and “playing the victim”. In the video, Michael also dismissed unconscious bias [...]
KPMG enters exclusive talks with private equity firm HIG on sale of restructuring arm February 24, 2021 Big Four firm KPMG has entered into exclusive talks with private equity firm HIG Europe about the sale of its UK restructuring business The deal, first reported by Sky News, could be worth some £400m. KPMG declined to comment on the rumours, and HIG could not be reached for comment. Sky also reported HIG has [...]
Regulator gives green light on Big Four plans for audit separation February 23, 2021 The Financial Reporting Council (FRC) has given the go ahead for the Big Four firms to press on with the next stage of separating their audit divisions from the rest of the business. The Big Four – Deloitte, EY, KPMG and PwC – were asked by the regulator to submit their plans for operational separation [...]
Post-Brexit regulatory changes for the City could free up £95bn, says study February 23, 2021 The UK could free up £95bn for City insurance firms to reinvestment into the economy if the Treasury waters down the EU’s Solvency II regulations post-Brexit, according to a new study. The Association of British Insurers report, researched by accounting firm KPMG, recommends easing the cap on how much capital insurance firms must hold at [...]
Prince Philip in ‘good spirits’ after second night in hospital February 18, 2021 The Duke of Edinburgh has spent a second night in hospital in central London after he was admitted on Tuesday evening. Prince Philip, 99, was admitted to King Edward VII Hospital on Tuesday evening as a precautionary measure, due to feeling unwell. His stay is not related to coronavirus, and a palace source said the [...]
Recruitment firm Hays to pay out £150m in special dividends February 18, 2021 Hays plc said on Thursday it had identified £150m of surplus capital that it plans to return to shareholders as special dividends. The move was encouraged by hiring activity rebounding to pre-Christmas levels by early February. Alistair Cox, CEO of Hays, said: “With recovery in fees and our profits accelerating in Q2, this provides us [...]