Consumer spending rises ahead of Christmas but retailers still feeling the pinch December 8, 2020 Early Christmas shopping helped boost consumer spending last month but lockdown restrictions continued to hit retailers. Spending dropped 1.9 per cent last month as restrictions took effect but spending on essential items climbed 4.9 per cent, according to the latest data from Barclaycard. Supermarkets enjoyed a 17.9 per cent rise in sales with a staggering [...]
High profile retailer failures will ‘once again shine spotlight on auditors’ December 3, 2020 A possible avalanche of corporate failures could once again shine the spotlight on auditors, according to Menzies partner James Hadfield. The partner said he could foresee more failures coming, and believed it likely auditors would become a talking point in the process. The high street is having a particularly tough time at the moment, with [...]
Government slammed for relying ‘too much’ on management consultants in Brexit preparations December 1, 2020 The government relies “too much” on management consultants for work on Brexit preparations “that could be better done by civil servants”, the select committee on government spending has warned. In a wide-ranging report published today, the Public Accounts Committee slammed the government’s negligence of civil servants in preparing for Brexit, amid warnings that ministers are [...]
Roasted: Caffe Nero rejects Issa brothers bid in favour of CVA November 30, 2020 Roasted: Caffe Nero rejects Issa brothers bid in favour of rent deals and restructuring
Bah humbug! PwC staff to work an extra day this Christmas November 30, 2020 Staff at big four auditor PwC will have to work an extra day this Christmas in light of challenges brought about by the coronavirus pandemic. PwC staff are usually offered an extra day off at Christmas time, but this year the giant told staff it would not be able to offer such a perk. The [...]
To qualify or not to qualify? Auditors move to ditch risky clients November 30, 2020 Qualifying an audit could lead to unhappy clients and litigation risks, so it is safer to ditch clients instead, an expert has told City A.M., after several auditors dropped clients in October. Last month three separate auditors terminated contracts with clients in compromising circumstances. At the time the reputational risk of being associated with the [...]
Gold miner Petropavlovsk appoints new chief exec November 30, 2020 Russian gold miner Petropavlovsk has today appointed Denis Alexandrov as its new chief executive, months after clearing out its former top team. Alexandrov, who will join the firm on 1 December, will take over from Maxim Meshcheryakov, who has been the FTSE 250 firm’s acting chief exec since August. From January 2016 to this year, [...]
Troubled Moss Bros launches CVA proposal to tackle ‘perilous’ situation November 27, 2020 Struggling retailer Moss Bros has launched a Company Voluntary Arrangement (CVA) proposal to give it the best chance of emerging for the challenges brought on by the coronavirus. A CVA allows companies to settle debts by paying creditors over a fixed period, and it could see the closure of some of Moss Bros’ 125 UK [...]
KPMG launches energy transition practice to help clients achieve ‘net-zero’ November 27, 2020 KPMG has launched a new specialist Energy Lead Advisory practice to help support clients through energy transition. The new practice will support clients who would like to de-carbonise and embrace the new ‘net-zero’ economy. The new team contains 30 energy specialists in the UK, including newly promoted partner Gavin Quantock to lead alongside KPMG’s new [...]
KPMG partner blasts “witch hunt” case at Silentnight tribunal November 25, 2020 A partner at KPMG who is wrapped up in a case involving KPMG, Silentnight and the FRC has described the case as a “witch hunt” during an outburst at the tribunal. David Costly-Wood, a restructuring partner at KPMG is, along with the big four firm, accused of helping private equity firm HIG Capital force the [...]