Karen Millen buys Coast after collapse but 300 jobs still at risk October 11, 2018 Fashion retailer Coast has collapsed into administration, putting an estimated 300 jobs at risk. Retail rival Karen Millen has bought the brand’s website and UK department store concessions, it announced this evening, however all 24 stand alone Coast outlets and European concessions will close. Read more: Retail sales growth slumps after bumper summe A total of [...]
UK startups hold onto Europe’s venture crown with £1.4bn in funding October 11, 2018 UK startups continued to draw in attention from venture capital (VC) firms in the third quarter as Europe’s premier investment hotspot, posting a £1.4bn total draw in the three months to September compared to £1.31bn in the same quarter last year. Data compiled by KPMG Enterprise revealed the UK remained at the top of the [...]
Theresa May launches consultation into forcing firms to report ethnicity pay figures October 11, 2018 KPMG, WPP and the Royal Bank of Scotland (RBS) are among a number of businesses to have signed up to a new charter by Theresa May that aims to improve the recruitment and progression of ethnic minority employees. Alongside the charter the Prime Minister has also launched a consultation into mandatory ethnicity pay reporting, following last [...]
US professional services firm backs ‘engine for growth’ London as European launchpad October 9, 2018 EisnerAmper, a top-twenty US professional services firm, celebrated the launch of its London office tonight as it laid out “ambitious plans” for European growth. Its London offices, which will act a staging post for the firm’s continental expansion plans, will be led by Robert Mirsky, a former global head of hedge funds at Big Four [...]
Competition watchdog launches review of audit sector October 9, 2018 The competition watchdog today confirmed it has launched a probe into the UK's audit sector, ending weeks of speculation. The Competition and Markets Authority (CMA) said it will review whether the sector is competitive and resilient enough to maintain high standards. Calls to review the sector and possibly break up the "Big Four" of PwC, KPMG, Deloitte and EY [...]
Retailers hit as spending drops to its lowest level in a year, and Christmas may not be the saviour October 9, 2018 UK retail sales grew by their lowest rate for almost a year in September, new figures show. An analysis from KPMG and the British Retail Consortium found like-for-like retail sales were down 0.2 per cent, while total sales increased 0.7 per cent. This is far below the 1.3 per cent average over the past 12 [...]
Legal & General completes £2.4bn buy-out of folded telco’s pension scheme October 8, 2018 Insurer Legal & General has today finalised a £2.4bn buyout of the Nortel Networks UK Pension Plan, nearly a decade after its telecommunications sponsor collapsed, forcing it into the lifeboat. The deal will see the benefits of 15,500 pensioner members and 7,200 deferred members protected. It is the UK's joint second largest ever pensions buyout, matched [...]
Five key takeaways from the FRC’s audit sector report October 8, 2018 The Financial Reporting Council (FRC), the audit sector’s watchdog, released its annual Developments in Audit report yesterday, outlining key challenges faced in the sector and assessing the current state of the profession. Audit is under close scrutiny at the moment, as politicians and regulators look closely at the dominance of the Big Four audit firms Deloitte, [...]
BDO reveals profit boost as it raises concerns over Brexit and audit break-up October 8, 2018 One of Britain’s largest professional services firms has warned that business leaders need clarity to prepare for Brexit and sounded a cautious note over reforms to the audit sector as it revealed rising profit and revenues. BDO posted an underlying revenue of £464.1m in its 2017/18 annual results, released today, an increase of 8.5 per [...]
High-profile failures have eroded trust in audit sector, says watchdog October 8, 2018 The UK’s audit watchdog has announced a new strategic plan to address “falling trust in business and the effectiveness of audit”, after a series of scandals in the sector. The Financial Reporting Council (FRC) released its ‘Developments in Audit’ report today, raising concerns over public trust in the profession, and constricted competition at the top [...]