Pilots slam Norwegian Air over owed salaries following UK collapse February 2, 2021 Pilots have hit back at Norwegian Air after it emerged the airline will not pay outstanding salaries to laid-off staff following the collapse of its UK operations. The British Airline Pilots Association (Balpa) today said staff were demanding answers as to why they had been left with “absolutely nothing”. Norwegian Air last month announced it [...]
Private equity deal activity bounces back in second half of 2020 February 1, 2021 Private equity activity in the UK bounced back in the second half of 2020, but the spring’s lockdown meant that the total number of deals fell to the lowest level in seven years. According to Big Four auditor KPMG, 889 deals were completed last year, with a total value of £87.2m. The figure is the [...]
Challenger audit firms prep for forced audit separation January 29, 2021 Challenger audit firms are readying themselves for audit separation, a requirement not yet expected of them, but one they see as inevitable in the future. Last summer audit regulator the Financial Reporting Council (FRC) ordered the Big Four firms – Deloitte, KPMG, PwC and EY – to separate their audit units from the rest of their [...]
UK tech sector outpaces entire private sector January 29, 2021 The UK’s tech sector expanded at a stronger rate than the entire private sector last quarter and is set to reach a four-and-a-half year high this year. Tech saw another rise in business activity in the fourth quarter, according to IHS Markit and KPMG research, although the pace of expansion slowed amid a wider economic [...]
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 [...]