Loophole stops industry from going full speed October 4, 2012 FINALLY, some good news. Not only did car sales improve by more than expected in September, but the gains came mostly through consumer spending rather than corporate sales. But wait – a new car? That’s a pretty luxurious purchase in these straitened times, surely the squeezed middle can’t be cutting back on everything else and [...]
EU reveals new crackdown on biggest banks October 2, 2012 BANKS across Europe will be split by new ringfencing rules, and be forced to hold more capital against mortgages in EU plans outlined yesterday. The new plans are aimed at making banking safer, but lawyers warned they will increase banks’ costs, hitting consumers and the wider economy, as well as causing confusion as they do [...]
Axe falls on 133 shops as JJB gives up October 1, 2012 AROUND 2,200 staff at JJB Sports were made redundant yesterday after administrator KPMG finally closed down 133 of the stricken retailer’s stores and sold the remaining 20 shops to Sports Direct. The rival group, controlled by Newcastle United football club owner Mike Ashley, has bought the JJB brand, its stock, as well as the Slazenger [...]
Ed Miliband’s populist policies will make the UK’s bad position worse October 1, 2012 OUR political climate currently mirrors our economic situation – bleak and shockingly uninspiring. At a recent breakfast for business leaders in London, a veteran newspaper journalist spoke of the challenge faced across the West as one of “unpopular governments and unconvincing oppositions”. The polls in Britain bear this out. A ComRes poll for the Independent [...]
Sports Direct set to snap up 60 JJB stores September 27, 2012 THE break-up of loss-making and debt-laden British sporting goods retailer JJB Sports is set to begin with market leader Sports Direct yesterday sealing a deal to buy 60 of its stores. JJB, based in Wigan, said on Monday it was close to appointing KPMG as administrators to sell its assets and brands after failing to [...]
Lack of lending hurting retailers September 27, 2012 The lack of mortgage lending to first time buyers is not only hurting the housing market, but also retailers selling tools, homewares, and furniture, data revealed today. Boosting lending would have a knock-on effect on these markets, the data released jointly by Genworth, the British Retail Consortium and KPMG showed. “A lack of lending leads [...]
Stobart picks KPMG for audit September 25, 2012 LOGISTICS business Stobart Group, the company behind the iconic Eddie Stobart lorries, yesterday appointed KPMG as its new auditors, ending a decade long relationship with the incumbent Ernst & Young. The Carlisle-based lorry firm, listed on the FTSE 250, appointed KPMG Audit after it beat off Ernst & Young and another unidentified professional services firm [...]
JJB Sports calls time as it hires administrators September 25, 2012 AILING retailer JJB Sports yesterday confirmed it will appoint administrators after failing to receive an offer for the entire company, putting up to 4,000 jobs at risk. Shares in the group – which were worth a total of as much as £1bn a decade ago – were suspended yesterday and remaining investors, including US tycoon [...]
Watchdog says no signs yet of audit collusion September 24, 2012 THE COMPETITION Commission said its probe of the country’s market for company audits had not uncovered any evidence so far of collusion among the Big Four accounting firms over market share. Yesterday’s paper is the watchdog’s first comments of substance since it formally launched its investigation last year, with preliminary findings due in November. The [...]
JJB’s sale faces scrutiny of the retail watchdog September 23, 2012 SPORTS Direct’s proposed takeover of JJB Sports’ 180 stores is likely to come under investigation by the competition watchdog once the acquisition has already taken place. The sportswear giant founded by Newcastle United owner Mike Ashley remains one of the frontrunners to buy the struggling retailer, although it is said to be interested in less [...]