Exclusive: Bust burrito chain Chilango sold out of administration August 27, 2020 Burrito chain Chilango has today been sold out of administration after the Covid-19 pandemic finished off the already struggling business, City A.M. can reveal. The Mexican-themed fast-food chain told investors today that administrators RSM had secured a buyer for the business. RSM confirmed this afternoon the the chain had been sold to Investment group RD [...]
The City View: CFA Institute’s Gary Baker on how markets have functioned during Covid-19 August 26, 2020 In this episode Christian talks to Gary Baker, EMEA MD of the CFA Institute, the global network of investment professionals, about how markets and investors have reacted to waves of market disruption and unprecedented central bank intervention. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Gary also talks about the role of human decision-making and judgement amid a rise [...]
The City View: RSM global CEO on the coming wave of invention and creativity August 25, 2020 In this episode Christian talks to Jean Stephens, global CEO of RSM International, the world’s sixth largest audit, tax and consulting network. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Jean reflects on her own leadership during the last few months and how she’s adapted, having previously spent 70 per cent of her time on international flights. Jean also [...]
Three lessons law firms can learn from rivals’ collapses amid coronavirus April 30, 2020 Law firm collapses are a lot like bank runs. Confidence in the institution crumbles, causing partners to rush for the exits – taking their capital and clients with them. Partner departures reduce the firm’s revenue, profit and capital, leading to further partner exits in a destructive feedback loop. Once firms enter this death spiral it [...]
Mike Ashley’s Frasers Group misses out on coronavirus loan, settles Belgian tax bill April 24, 2020 Mike Ashley’s Frasers Group’s application for a coronavirus loan has been rejected, it admitted today, as it finally settled a €674m (£588m) Belgian tax bill. Frasers Group (formerly Sports Direct) saw it application for a government bridging loan denied, sending shares down 2.4 per cent. The Covid Corporate Financing Facility (CCFF) scheme is open to [...]
Law and accountancy firm coronavirus partner promotions: a poisoned chalice? April 22, 2020 Law and accountancy firms have promoted swathes of new partners in recent days with many firms hailing the strong rounds as a signal of confidence in the future. But with new partners typically required to stump up £50,000 to £100,000 to join partnerships, it is a potentially risky step up for the individual during the [...]
RSM elects new chief executive as Grant Thornton cuts wages April 21, 2020 Challenger accountancy firm RSM last night elected a new chief executive after a marathon virtual general meeting while rival Grant Thornton slashed wages to help survive the coronavirus crisis. RSM announced last night shortly before midnight that former corporate finance head Rob Donaldson had claimed the top job. The Telegraph reported that Donaldson saw off [...]
Accountancy firm criticises ‘alarmist’ prediction of 800,000 coronavirus insolvencies April 2, 2020 Restructuring specialists at accountancy firm RSM said media reports that 800,000 to 1m UK businesses could collapse as a result of the coronavirus crisis are “alarmist at best”. Yesterday, the BBC, citing an unnamed accounting firm, said 800,000 to 1m businesses, a fifth of the UK total, “may soon have to close”. RSM partner Gareth [...]
Long awaited audit reforms could start this year, says audit watchdog boss March 5, 2020 The long-promised reform of the UK audit sector could start this year with voluntary changes by the Big Four accounting firms, the audit watchdog said today. The collapse of outsourcer Carillion in 2018 prompted three reviews of the sector and two years on there have been calls from MPs and industry figures to speed up [...]
Short-term rentals firm Hostmaker heads for administration March 2, 2020 Hostmaker, a London-based lettings company, has entered administration. The company’s staff are now facing potential redundancy, while Houst — formerly known as Airsorted — is believed to have bought Hostmaker’s client base, according to industry website Shorttermrentalz. The news followed a week after the Sunday Times reported Hostmaker was facing a potential insolvency battle. Sign [...]