City fears over delayed results grow due to new lockdown January 10, 2021 Financial watchdogs are on standby amid fears that a number of listed companies will not be able to report their results on time due to Covid-related disruption. The Sunday Times reported that a group of the regulators will release a statement within days telling firms to communicate quickly if they expect to have difficulty getting [...]
Grant Thornton sued whopping £200m for Patisserie Valerie accounting failures January 8, 2021 Grant Thornton is being sued for £200m by the liquidators of Patisserie Valerie after the cake shop chain collapsed following suspected fraud. Liquidators FRP Advisory said Grant Thornton was negligent in the preparation and conduct of 2014 to 2017 financial statements. As a result the liquidator is suing the mid-tier audit firm for damages of [...]
Private equity bidders eye KPMG’s restructuring arm January 6, 2021 Private equity firms are eyeing up KPMG’s restructuring arm, as the Big Four firm prepares to offload its restructuring operations in the UK. Intermediate Capital Group and Towerbrook Capital Partners are preparing to submit initial bids for the business ahead of a deadline later this month, Sky News reported. The division is rumoured to be [...]
Loungewear sales up 1,303 per cent as lockdown changes consumer habits December 30, 2020 Loungewear and leggings sales spiked by 1,303 per cent in 2020 according to new data from John Lewis. The department store’s annual look at consumer habits shows lockdown’s impact on customers’ baskets. As well as sitting room fashion, sales of chess sets (a 121 per cent increase on 2019), TVs (45 per cent) and paint [...]
Wonks expect retail to see a brighter 2021 December 30, 2020 Retailers can expect to see sales growth of as much as 3 per cent in 2021, according to a new expert report. Pent-up savings and demand, more confident consumers and a successful vaccine rollout will all bring a boost, says the KPMG/Ipsos Retail Think Tank. Read more: Where did it all go wrong for Topshop? [...]
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 [...]
Surge in bumper deals helps UK M&A regain its mojo December 18, 2020 After a slow start to the year UK M&A has bounced back after a surge in mega deals saw activity soar 80 per cent. M&A with UK involvement has totalled £429.8bn so far this year, 80 per cent more than the value recorded in 2019 according to research by data provider Refinitiv. A staggering 21 [...]
PwC partners take 10 per cent cut as profits suffer December 17, 2020 Partners at PwC have suffered a 10 per cent cut to their earnings as the impact of the coronavirus hit the Big Four firm’s profits. Profits at the audit giant fell by 8 per cent to £938m in the firm’s latest financial year, as Covid-19 impacted on the business from March, with distributable profit per [...]
RSM pays back £4.4m furlough cash December 16, 2020 Audit challenger firm RSM has repaid £4.4m to the government, having decided to do so in a board meeting earlier this month, City A.M can reveal. RSM’s board made the decision to repay the the money in full on 8 December. CEO Rob Donaldson said the firm did not see the decision as an opportunity [...]
Queen faces technical hitch during KPMG video call December 16, 2020 The Queen faced a technical hitch while on a call with KPMG yesterday, proving even the royal family are not immune from video call mishaps. Her Majesty paid a virtual visit to KPMG on Tuesday to mark the firm’s 150th anniversary, where she spoke via video call with five individuals at the Big Four firm. [...]