Mulberry looks to cut a quarter of workforce June 8, 2020 Mulberry is looking to cut 25 per cent of its global workforce as the British luxury brand looks to reduce its costs after demand for its products was dented by the coronavirus pandemic. Mulberry, which employs around 1,500 people globally, said it expected the recovery of its sales levels in the medium term to be [...]
Retail landlord Intu puts KPMG on standby to act as administrator June 7, 2020 Embattled retail landlord Intu Properties has reportedly lined up KPMG to handle its insolvency process ahead of a testing fortnight. Intu has placed the Big Four accountancy firm on standby in the event that lenders refuse to grant a standstill on its debt obligations, according to Sky News. The landlord, which owns Manchester’s Trafford Centre, [...]
PwC to reopen UK offices from 8 June following coronavirus lockdown easing June 3, 2020 Big Four accountancy firm PwC said today it would reopen offices across the UK from 8 June as the coronavirus lockdown eases. The firm said it would open its London, Birmingham, Manchester, Leeds, Reading, and Bristol offices from next Monday. Kevin Ellis, PwC UK chair and senior partner, said: “Just because we can work from [...]
UK car industry flatlines as just 197 cars built in April May 29, 2020 The UK car industry made just 197 cars in April as the shuttering of factories due to the coronavirus pandemic sent production flatlining. Total production dropped 99.7 per cent, with the lowest number of cars built in one month since the Second World War, according to new data from the Society of Motor Manufacturers and [...]
London First: Give more powers to City Hall to fund TfL May 28, 2020 Business group London First has this morning called on the government to devolve further powers to the Greater London Assembly in order to secure the long-term finances of Transport for London (TfL). In a new report produced in partnership with KPMG, the group argues that unless City Hall is given access to tax revenues via [...]
FRC probes KPMG and PwC’s Eddie Stobart audits May 26, 2020 The accounting watchdog has opened investigations into audits by KPMG and PwC of haulage firm Eddie Stobart Logistics. In August, Eddie Stobart sacked its chief executive and suspended trading in its shares after an accounting investigation found its 2018 profits had been overstated by £2m. A review of the company’s accounts, undertaken by finance chief [...]
Facebook shops for customers as e-commerce explodes May 22, 2020 Do you remember when you needed a new item of clothing and headed to the high-street to browse the shops? Perhaps a few try-ons in different places before making your selection? Coronavirus means that’s obviously not possible at the moment, meaning a choice of either waiting until lockdown passes or going online. More and more [...]
TCI files criminal complaint against Wirecard executives in Munich May 19, 2020 TCI Fund Management has today filed a criminal complaint against Wirecard executives in Munich, escalating the activist campaign against the payments group. The filing of a complaint with the Munich prosecutors piles further pressure on Wirecard’s chief executive Markus Braun, who TCI has called on to resign. TCI fund manager Sir Christopher Hohn last month [...]
Luggage brand Antler collapses into administration May 19, 2020 Luggage brand Antler has become the latest victim of the coronavirus crisis, collapsing into administration today due to the collapse in international travel. Big four auditor KPMG has been appointed as the administrator for the brand, which is over a century old. Administrators have already made 164 of the firm’s 199 staff redundant, KPMG said [...]
When will the UK economy recover from coronavirus? May 15, 2020 The UK economy is set for its worst contraction since at least the Great Depression this year as the coronavirus lockdown brings activity to a halt. There’s little doubt about that. There is doubt about what comes next, however. Economists have made huge numbers of predictions, using an array of letters to describe the recovery. [...]