Patisserie Valerie wins rescue backing from private equity firm February 14, 2019 Scandal-hit Patisserie Valerie has been rescued in a £13m management buyout backed by Irish private equity firm Causeway Capital Partners. The cake chain confirmed this morning that Causeway Capital Partners had struck a deal with Patisserie Valerie's administrators in a move that is set to save 2,000 jobs and 96 of the firm's remaining branches. Retail and [...]
Big Four accountants face Australian competition probe February 13, 2019 The Big Four accountancy firms face fresh global pressure as an Australian probe investigates whether they have operated as a cartel in the country. The Australian Competition and Consumer Commission (ACCC) contacted Deloitte, EY, KPMG and PwC late last year to request information, in order to determine whether a full inquiry is needed, the Australian [...]
UK slips behind Norway and Finland in readiness for driverless cars February 11, 2019 Britain’s rivals are speeding ahead in the race to introduce driverless cars onto the roads, according to research. The UK slipped two places this year down to seventh place in KPMG’s rankings on progress and capacity for adopting the technology, overtaken by Norway and Finland. Read more: Tomtom to focus on driverless after €910m sale [...]
Construction output drops sharply in December against ‘grim’ industry backdrop February 11, 2019 Construction output has dropped sharply in December in an industry “stripped of confidence and momentum”. According to the latest Office for National Statistics (ONS) figures, output fell 2.8 per cent month-on-month in December, driving a longer-term stagnation of 0.3 per cent in the final quarter. Read more: Eurozone construction sector endures 'sluggish' start to the [...]
Mike Ashley throws accusations at administrator as he abandons bid for cake shop Patisserie Valerie February 11, 2019 Retail tycoon Mike Ashley has pulled his bid for scandal-hit Patisserie Valerie, lashing out with claims the cafe chain’s administrators withheld vital information. Ashley’s Sports Direct said today it was “reluctantly” withdrawing its bid to lift the struggling firm out of administration, just two days after the offer was tabled. Read more: Sports Direct makes [...]
Former minister criticises Amber Rudd’s plan to jail bosses who mismanage pension schemes February 10, 2019 A former pensions minister has criticised Amber Rudd’s plan to toughen up laws governing those in charge of employee pensions in the wake of recent mismanagement scandals at BHS and Carillion. Company bosses could be locked up for as long as seven years if they don’t manage employee pension schemes properly, according to Work and [...]
Mike Ashley’s Sports Direct makes offer to rescue collapsed Patisserie Valerie February 9, 2019 Mike Ashley’s Sports Direct has made an offer to buy the collapsed café chain, Patisserie Valerie, which fell into administration last month. Sports Direct confirmed in a statement late on Friday that it had made an offer to buy the company but did not divulge any further details. Ashley, 54, is hoping to add to [...]
Permanent staff appointments decline at start of 2019 amid Brexit uncertainty February 8, 2019 Permanent staff appointments declined at the beginning of 2019 as recruiters and candidates waited for the outcome of the Brexit negotiations. Permanent placements fell for the first time in two years as companies reported that they were increasingly hesitant due to Brexit uncertainty. Placements also dropped due to a shortage of candidates. Read more: City [...]
Big Four accountants push back against breakup proposals February 7, 2019 The Big Four accountancy firms have fired back at the competition regulator’s proposal to break-up their UK operations. In their responses to the Competition and Markets Authority’s (CMA) outlines for shaking up the audit market, Deloitte, EY, KPMG and PwC all resisted a suggested split. David Barnes, managing director for public policy at Deloitte UK, [...]
Audit watchdog ‘whitewashed’ my HBOS evidence, says whistleblower February 6, 2019 The UK audit watchdog has been accused of brushing-off a whistleblower who claimed HBOS had understated loan-loss provisions in its 2007 accounts. An MP described the handling of the case as “astounding”. Rob Kennedy, a former employee in the lender’s corporate division, was part of the team that worked directly to calculate the provision and [...]