Revealed: How have audit industry rankings changed in 15 years? January 27, 2021 From success stories to hours of struggle, the audit market and its key players have changed considerably in the last decade and half. Challenger firm BDO has been the standout success story of the past 15 years, doubling its client count to 314 and snatching first place for number of clients away from Big Four [...]
Shock to the system: Ofgem proposes new body to run electricity network January 25, 2021 Ofgem has this morning submitted proposals for the creation of an independent body to run the UK’s electricity network, in what would be a radical shake-up of the way the country’s power is managed. Such a body, the watchdog says, could save consumers up to £4.8bn by 2050, while leading the country’s charge towards net [...]
Premier Oil appoints new finance chief to helm Chrysaor merger January 25, 2021 Premier Oil has appointed a new finance chief who will join the firm upon the completion of its merger with fellow oil explorer Chrysaor. Alexander Krane, a 20-year industry veteran, will join the newly-minted Harbour Energy from 15 April. He replaces Richard Rose, who will step down from the role of interim chief executive and [...]
Multiverse raises $44m to fuel apprenticeship scheme expansion January 19, 2021 A London startup founded by Tony Blair’s son has raised $44m (£32m) to help fuel expansion of its tech and leadership apprenticeship schemes. Multiverse, whose training programmes are billed as an alternative to traditional university education, has pursued rapid growth over the last year, tripling its number of apprentices to more than 2,000. The company [...]
British Land appoints new chief financial officer from Tesco January 19, 2021 London-based retail landlord British Land has made Bhavesh Mistry its new chief financial officer. Mistry is expected to join British Land no later than 1 August 2021. Until he joins David Walker will continue in his role as interim CFO. The incoming CFO is currently deputy chief financial officer at Tesco, a position has had [...]
More gloom on the horizon for UK high street, think tank warns January 14, 2021 There is more gloom on the horizon for the beleaguered UK high street in the first half of this year as lockdown restrictions weaken consumer confidence, according to the latest research. The KPMG Ipsos Retail Think Tank forecast that retail health will fall by two points in the first three months of the year, as [...]
Government launches legal action against former Carillion directors January 14, 2021 Ministers have launched legal action against eight former directors of collapsed outsourcing giant Carillion, a move that could see them banned from serving as directors for up to 15 years. Nearly three years after the firm went bust, business secretary Kwasi Kwarteng has brought proceedings against the former chairman, two chief executives, two finance chiefs, [...]
UK high streets to ‘lose up to 40 per cent of stores’ due to pandemic January 14, 2021 Up to 40 per cent of high street shops could be forced to close due to the impact of the shift to remote-working and online shopping, the latest analysis showed, in the latest blow to the struggling UK retail sector. A report published this morning by professional services giant KPMG said UK high streets could [...]
City Moves: Who is switching jobs in the Square Mile this week? January 13, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. After a rocky year for business, City firms are continuing to adapt to the challenges of three national lockdowns and post-Brexit bureaucracy to keep things moving across the Square Mile. This week, Lloyd’s [...]
Carne Group bags €100m investment from London private equity firm January 13, 2021 Irish financial services firm Carne Group has secured funding from a London-based private equity firm that has backed the likes of Darktrace and Just Eat. Carne Group, which is the world’s largest third-party fund management company, announced it had received a €100m investment from Vitruvian Partners. The fresh funding will be used to expand the [...]