Patisserie Valerie reveals which London cafes are set to close as timeline charts cafe chain’s collapse February 4, 2019 Administrators have closed 71 stores owned by Patisserie Holdings after the firm collapsed in late January, resulting in 920 redundancies. A total of nine Patisserie Valerie branches have been shut down in London, with a further three Debenhams concessions closed. Read more: Patisserie Valerie shareholders consider legal action after company collapses The firm’s two Glasgow stores [...]
Patisserie Valerie administrators confirm a flurry of potential bids February 4, 2019 The administrators of Patisserie Valerie have today said they have received a number of bids for the failed cafe chain, as it tries to dig its way out of a financial accounting scandal. Patisserie Valerie collapsed last month after it found a £40m hole in its accounts. The company’s books showed it had almost £30m in cash on [...]
BDO completes its merger with Moore Stephens February 4, 2019 BDO has completed its merger with Moore Stephens, forming a new fifth-largest UK audit firm. The announcement arrives alongside new audit contract figures for the Alternative Investment Market (Aim) clients, which show the accountancy firm has expanded its junior market dominance. The new firm – which will operate under the BDO moniker as part of [...]
Administrator blocks rescue bid for collapsed Patisserie Valerie February 3, 2019 The administrators of collapsed cafe chain Patisserie Valerie have blocked an attempted rescue deal by a restaurateur, it has been reported as evidence emerges of more fraud at the company. David Scott, who sold Druckers to Patisserie Valerie’s then-owner Luke Johnson in 2007, had said he wants save at least half of the cake shops. Read [...]
Canadian vinyl record shop boss Doug Putman joins bidding war for HMV February 3, 2019 Canadian vinyl record tycoon Doug Putman has made a dramatic late bid to snap up collapsed music store HMV in a move that could hamper Mike Ashley's takeover plans. Douglas Putman, who owns Canadian chain Sunrise Records, has entered the auction and is now the front-runner ahead of the Sports Direct tycoon, according to media reports. [...]
Debenhams lending talks pay off as it closes in on store closure plan February 3, 2019 Debenhams will this week reveal it has bagged a cash injection from lenders as the struggling department store closes in on a radical restructuring plan. The embattled chain has been in discussions with lenders over recent weeks as it looks to refinance banking facilities over the next 12 months in a bid to stay afloat. [...]
ScS Group ends talks to buy Sofa.com leaving Mike Ashley in the driving seat February 1, 2019 Home furnishings retailer ScS Group said today it had ended talks with furniture retailer Sofa.com, leaving the way clear for Mike Ashley who is reportedly putting together a multi-million pound bid. ScS said today it is “no longer in discussions regarding a potential acquisition of the business and assets of Sofa.com”. Sky News reported that Ashley, [...]
KPMG boss confident in Carillion audit despite partner suspension January 30, 2019 KPMG’s UK boss said the firm remains confident in the quality of its audit work for collapsed construction firm Carillion, despite suspending a partner over concerns related to falsified documents. Earlier this month, the Big Four audit confirmed it had suspended the top audit partner Carillion, Peter Menshan, along with three other non-partner members of [...]
EY and PwC ban consultancy for audit clients as MPs blast Big Four bosses January 30, 2019 EY and PwC said they will follow KPMG by phasing out selling non-essential extra services to their FTSE 350 audit clients. The chief executives of the two accountancy giants, half of the sector’s Big Four, informed MPs of their decision at a parliamentary hearing today, following months of intense criticism of Britain’s biggest bean counters. [...]
Deloitte fined in connection with 1MDB corruption scandal January 30, 2019 Big Four accountancy firm Deloitte has today been hit with a 2.2m Ringitt (£409,559) fine by Malaysian regulators for failures in its audit of a firm linked to the scandal-hit 1MDB fund. The Securities Commission Malaysia issued a reprimand and fine for four breaches connected to the 2.4bn Ringitt Sukuk Murabahah Programme, an Islamic bond issued [...]