Another false Economy: Energy customers were hit by mystery meter readings January 17, 2019 Customers of failed provider Economy Energy say they were hit with mystery meter readings far higher than expected in December as the company fought for its survival. One of the readings, seen by City A.M., inflated a customer’s monthly usage by over 12,000 units, equivalent to around three years’ average use for a household in [...]
Patisserie Valerie reveals balance sheet was significantly manipulated in ‘devastating’ fraud January 16, 2019 Patisserie Valerie posted a bombshell update to the market this afternoon, admitting that its balance sheet was “significantly” manipulated and thousands of false entries were made into the high street baker’s books before a shock £40m black hole was discovered last year. The troubled firm has appointed RSM as auditors and KPMG has been hired to [...]
Offers on the table for HMV, say administrators January 16, 2019 Rescue offers have been made for beleaguered retailer HMV, its administrators confirmed today. Big Four accountancy firm KPMG, which had set a deadline of Tuesday this week for interested parties, said today that several offers have been put on the table for the 97-year-old chain. However, the identity of the bidders is not yet known. Will [...]
Off road: Is the car industry in reverse? January 14, 2019 The automotive industry faces recession and decline. Driverless cars are on the horizon, but has the moment for motors already passed? The first Model T Ford rolled off the production line in 1908. Available in “any colour… so long as it is black”, in the words of magnate Henry Ford, the car marked a breakthrough [...]
HMV future could be decided this week as bid deadline looms January 13, 2019 The future of music retailer HMV will be decided this week as the deadline for rescue bids draws close. HMV collapsed into administration for the second time in six years late last month. Its administrator KPMG has set a deadline of Tuesday for suitors to lodge bids for the chain, Sky News was the first [...]
Christmas shoppers shunned the high street, but attacking Amazon won’t help January 11, 2019 Between the fierce renewal of the Brexit saga, parliamentary shenanigans, and a particularly chilling cold front (interpret that literally or metaphorically, as you will), the merriness of Christmas feels like a thing of the past. But for the high street, it feels like Christmas never came at all. Reports of retail sales, released yesterday by [...]
City Moves for Thursday 10 January: Who’s switching jobs at Newton Investment Management, Kirkland & Ellis and KPMG? January 10, 2019 Newton Investment Management Newton Investment Management (Newton IM), part of BNY Mellon Investment Management (BNY Mellon IM), announced the appointment of Jin Philips as head of strategic relationships EMEA. In this role, Jin will be responsible for directing Newton IM’s sales strategy across UK institutional and charity channels and EMEA-partnered distribution relationships. Jin will report [...]
Retail sector suffers worst Christmas in a decade as sales stagnate January 10, 2019 The UK retail sector has suffered its worst Christmas in a decade as sales stagnated during the crucial festive period, despite a string of positive updates offering a glimmer of hope. Overall retail sales were flat in December, the lowest level of growth since April and the worst festive performance since 2008, according to figures [...]
Merger growth drives Grant Thornton International to record £4.3bn revenues January 9, 2019 Grant Thornton International reported record revenues of $5.45bn (£4.28bn), lifted by income expansion from international mergers, and strong growth in its tax and advisory arms. The figure is up $450m on last year, representing an average growth of 9.4 per cent across the whole organisation – slightly behind the 10.7 per cent global growth at [...]
Salary inflation hits 53-month high in London as shortage of EU candidates bites January 9, 2019 Salary inflation is at a 53 month high in London because of a shortage of EU candidates due to Brexit and an uncertain economic background leading to reluctance among workers to switch jobs. According to a survey published today by audit firm KPMG and the Recruitment & Employment Confederation (REC) and compiled by IHS Markit, [...]