Peacocks administrator receives six bids to rescue the collapsed retailer February 1, 2012 PEACOCKS administrator KPMG has received six bids to rescue the group out of administration. The first round of bidding closed on Monday, and it is understood suitors for the Cardiff-based business will now be asked to provide further details ahead of a round of final offers next Monday. Private equity firms KKR and OpCapita were [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 29, 2012 FINANCIAL TIMES DEUTSCHE BANK TARGETS FORCED SALES OF HEDGE FUNDS’ PROBLEM ASSETS Deutsche Bank is preparing to launch a fund to snap up investors’ illiquid or damaged holdings in hedge funds that have failed to recover since the financial crisis. The bank estimates that, three years after the collapse of Lehman Brothers, investors are sitting [...]
Fraud level hit a record high last year amid economic downturn January 29, 2012 THE level of fraud reached an all-time high last year, and the economic downturn is likely to trigger more financial crime, according to KPMG’s Fraud Barometer. Research published today shows fraudsters stole a record £3.5bn last year, with a huge surge in the second half, when £2.5bn of fraud was recorded. The figure was pushed [...]
Clients hope for the return of $1.2bn MF Global assets January 29, 2012 CLIENTS of the British arm of failed broker MF Global will this week move closer to getting back $1.2bn (£763m) of frozen assets. KPMG will outline plans to return the funds at the High Court on Friday after some clients and creditors publicly declared their unhappiness with the amount of time the process has taken. [...]
Less competitive countries have greener businesses January 26, 2012 FIRMS in some of Europe’s least competitive economies are the greenest in the world, according to the latest annual ranking of “corporate sustainability” published in Davos by KPMG and green investment company SAM. Portugal boasts the most environmentally friendly business practices, the research concludes, with just over two thirds of the country’s biggest companies included [...]
Sun European Partners acquires Bonmarché chain from Peacocks January 23, 2012 SUN EUROPEAN Partners has acquired Bonmarché, the sister chain of the collapsed fashion retailer Peacocks, via a pre-pack administration deal that will save around 2,400 jobs. The private equity group has bought 230 of Bonmarché’s stores from administrators KPMG for a sum understood to be around £10m. However, 160 stores will be closed, putting around [...]
Digital consumerism on the up January 23, 2012 Almost two thirds of consumers are willing to pay to stream films online according to the latest media and entertainment survey from KPMG, which brings to light a breakthrough for online TV and movie streaming. While the report shows that the majority of respondents prefer traditional media such as physical books and scheduled TV, smartphone [...]
Sir Stelios seeks allies in pay clash January 22, 2012 SIR STELIOS Haji-Ioannou is set to meet three of easyJet’s key shareholders this week in a bid to win backing for his fight against the airline group’s boardroom pay plans. The airline’s billionaire founder, who controls a 37.4 per cent stake, is calling for investors to vote down the company’s remuneration report ahead of the [...]
Ian Powell set to renew PwC chairmanship January 22, 2012 IAN POWELL is expected to be re-elected unopposed as chairman of PwC for a second term, as no rival candidates have emerged nine days before the deadline for candidacies. “At this stage, it is not expected that a challenger will come forward,” a source close to PwC told City A.M., although any of the Big [...]
Peacocks still searching for white knight January 22, 2012 PRIVATE EQUITY firms and buy-out groups are poised to make a bid for Peacocks, the discount clothing chain, which collapsed into administration last week. Its administrators KPMG will open the data room to Peacocks today, which will allow potential bidders to browse financial and other relevant data on the firm. KMPG expects to receive the [...]