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 [...]
KPMG and Deloitte under investigation for role in 1MDB corruption scandal January 26, 2019 International auditors KPMG and Deloitte are being investigated in Malaysia for their role in the 1MDB corruption scandal. Malaysian authorities said today they are looking into the state fund’s auditors, without identifying the firms. Read more: Goldman Sachs chief executive apologises to Malaysian people over 1MDB scandal “The Securities Commission’s review of the conduct of auditors [...]
Mike Ashley tells HMV landlords: Give me six months rent-free January 25, 2019 Retail tycoon Mike Ashley is reportedly demanding a rent holiday from landlords of HMV stores as he negotiates a rescue deal for the music retailer. Ashley has written to HMV’s landlords to see a six-month period without having to pay rent if he buys the chain, according to reports. The landlords include major players in [...]
Mark Kleinman: Flybe might struggle for take-off without investors on board January 25, 2019 Talk about a crash landing. The outrage of Flybe’s largest shareholder about the terms of its £2.2m takeover, articulated in a legal letter to the airline’s board last week, is at face value perfectly understandable. On the full pre-flight checklist-worth of complaints from Hosking Partners, the most incendiary may be Flybe’s decision last year to [...]
Struggling retailer Paperchase exploring sale or store closures January 24, 2019 The owner of stationery and greeting card chain Paperchase is exploring a possible sale as its feels out landlords about a potential company voluntary arrangement (CVA). According to Sky News, Paperchase’s adviser KPMG has been contacting potential buyers this week about a deal which could include a pre-pack administration. The company is also sounding out [...]
British combined infrastructure deals value in 2018 still one of Europe’s best, despite flat growth January 24, 2019 Britain’s infrastructure investment market was flat in 2018, but still remained one of the strongest in Europe, according to research. The standout performance comes despite the abolition of the private finance initiative (PFI) model of funding infrastructure in chancellor Philip Hammond's October budget, as well a decline in public and political sentiment in infrastructure investment, [...]
Audit watchdog should be scrapped ‘as swiftly as possible’ says Legal & General chair January 23, 2019 The government should act “as swiftly as possible” to abolish and replace the UK’s audit watchdog, MPs were told today. Sir John Kingman, who chaired a review into the operation of the Financial Reporting Council (FRC), said the regulator’s senior leadership should be overhauled in the meantime. “I would like to see the government get [...]