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 [...]
BDO profits jump as partners enjoy pay rise October 7, 2019 BDO has reported a double-digit rise in profit and revenue for the last 12 months, as the accountancy giant ramped up the pressure on its larger under-fire Big Four rivals The beancounter enjoyed its seventh consecutive year of growth after profits rose 26 per cent to £134m and revenues jumped 25 per cent to £578m. [...]
Rising Risk (Part I): Accounting shenanigans and alternative investments October 2, 2019 In this first instalment of a two-part piece, Sebastien Canderle says PE fund managers are getting creative with their accounting – and EBITDA seems particularly malleable. Seasoned auditors know that the risk of fraud increases when a client experiences brisk organic growth or M&A activity. During the 1990s, the most spirited dealmakers included telecoms operators [...]
Audit watchdog beefs up standards in response to corporate failures September 30, 2019 Accountancy regulator the Financial Reporting Council (FRC) today announced it was beefing up audit standards in response to a string of major corporate failures. The FRC said it was introducing a new standard related to going concern status, where auditors judge a company’s financial position. Outsourcer Carillion and department store chain BHS both received clean [...]