Number of companies entering administration leaps by a third in the third quarter October 22, 2019 The number of companies entering administration jumped by more than a third during the third quarter of the year, analysis published today showed. A study of notices in the London Gazette by accountancy firm KPMG showed a total of 417 companies went into administration between July and September 2019, compared with 310 in the previous [...]
KPMG launches £100m cost-cutting programme October 21, 2019 KPMG has launched a £100m cost cutting exercise called Project Zebra. The accountancy firm has launched the efficiency drive amid a £200m investment in its audit practice. The investment in its audit practice followed a scathing audit quality report from watchdog the Financial Reporting Council in 2018 in addition to its role as auditor to [...]
Wirecard hires KPMG to inspect accounting, days after dismissing calls for independent audit October 21, 2019 German payments giant Wirecard has hired KPMG to conduct an independent audit, in a bid to address claims its finance team had tried to inflate its reported sales and profits. The announcement was enough to push shares up 6.7 per cent this morning. It comes days after chairman Wulf Matthias dismissed calls for such an [...]
Brexit breakthrough: How the City responded to the deal October 17, 2019 Westminster was engulfed in drama this morning as Prime Minister Boris Johnson revealed he had secured a last-minute Brexit deal with the EU. European Commission president Jean-Claude Juncker heralded the breakthrough as a “fair and balanced agreement for the EU and the UK”, and Johnson has urged MPs to pass the agreement during a special [...]
Thomas Cook liquidators secure bids for valuable airport slots October 16, 2019 The liquidators of collapsed airline Thomas Cook are said to have secured bids from some of the UK’s largest carriers after kicking off an auction of dozens of UK airport slots. KPMG set a deadline of 5pm today for bids for the take-off and landing slots as part of an auction that could raise tens [...]
UK recession fears ease as quarterly GDP growth beats Brexit concerns October 10, 2019 Fears of a Brexit-fuelled UK recession in the immediate future have eased, despite Britain’s economy shrinking 0.1 per cent in August. That is because Britain’s estimated GDP grew 0.3 per cent in the last three months, according to Office for National Statistics monthly data. Read more: New IMF chief Kristalina Georgieva says trade wars to [...]
Venture capital investment in fast-growing UK businesses surges October 10, 2019 Venture capital (VC) investment in fast-growing British businesses surged 19 per cent in the third quarter to over £2.4bn, new figures have shown, meaning the UK is on target to smash last year’s record investment levels. Over £7.4bn was invested by VCs in UK scaleup firms during the first nine months of 2019, almost equalling [...]
Hays Travel to buy 555 Thomas Cook stores, providing lifeline for 2,500 former workers October 9, 2019 Thousands of former Thomas Cook employees could be in for a reprieve, after the collapsed travel giant’s retail estate has been sold to Hays Travel. The agreement will see the Sunderland-based independent travel agent pick up 555 former Thomas Cook stores around the UK. The news offers a lifeline for its 2,500 former retail employees. [...]
World Mental Health Day: How can an app boost your wellbeing? October 8, 2019 This Thursday is World Mental Health Day. Now before you roll your eyes at yet another article discussing the importance of our mental wellbeing, it is worth remembering the massive cost of mental ill-health to society. According to the OECD, the direct and indirect costs of it – such as absences from work and decreased [...]
Worst September since records began as industry body warns of spending slowdown amid ‘spectre of no-deal Brexit’ October 7, 2019 Retailers have endured their worst September since records began, according to an industry body that has blamed “the spectre of a no-deal Brexit” for lower spending. Total sales fell by 1.3 per cent in September, compared with a rise of 0.7 per cent in the previous year. Read more: How business rates can help to [...]