Financial Conduct Authority admits major data breach February 25, 2020 The Financial Conduct Authority (FCA) has admitted that it revealed confidential consumer information on its website in a data breach last year. The City watchdog published details of roughly 1,600 people who filed complaints about it between January 2018 and July 2019. In some instances the information included names, addresses and telephone numbers. The FCA [...]
Jingye to cut 400 jobs as part of British Steel takeover February 18, 2020 Jingye will cut a tenth of British Steel’s workforce at its Scunthorpe plant as the Chinese firm gears up to take over the embattled manufacturer. The company, which is in the process of finalising its £50m deal for the insolvent firm, is looking to implement a range of cost saving solutions. The Daily Telegraph reported [...]
City Moves for 18 February – Who’s switching jobs at Dechert, Secure Trust Bank and Hill Dickinson? February 18, 2020 Today’s City Moves includes Dechert, Secure Trust Bank and Hill Dickinson Dechert Dechert has announced the apointment of Alastair Goldrein as a partner in the firm’s London office. Alastair currently advises creditors and debtors, as well as sponsors, in a broad range of complex international restructurings and insolvencies. He also has significant experience advising on [...]
City grandee Michael Spencer among losers after collapse of startup Laundrapp February 17, 2020 City grandee Michael Spencer has lost millions after a laundry startup he was a key backer for went into administration on Friday. Laundrapp was sold in a pre-pack administration on Friday after running out of cash. Spencer’s private investment group IPGL was a cornerstone investor in a £4m 2015 funding round in Laundrapp in which [...]
Insolvency firm FRP Advisory appoints broker for London float February 12, 2020 Insolvency firm FRP Advisory has appointed broker Cenkos Securities for an upcoming London listing. The insolvency practitioner, which also advises clients on corporate finance matters, is planning to raise £30m in a float that will value it at £200m. Recent mandates for FRP include acting as administrator for cake chain Patisserie Valerie. FRP took over [...]
Intu deep? Shares plunge after Link pulls out of landlord’s £1bn emergency cash call February 11, 2020 Intu shares lost almost a third of their value on Tuesday after Link Real Estate Investment Trust said it would no longer participate in the troubled retail landlord’s £1bn emergency cash call. It emerged yesterday that Link was in talks with Intu, which owns the Trafford Centre, over potentially becoming a “cornerstone” investor in the [...]
UK insolvencies spike as construction firms struggle February 10, 2020 The number of UK firms falling into administration jumped last year, driven by companies in the building and construction industry. In total, 1,403 firms entered administration last year compared to 1,341 in 2018 – a rise of just under five per cent. Building and construction firms were the hardest hit by challenging trading conditions last [...]
Link REIT set to back Intu’s £1bn emergency cash call February 9, 2020 Hong Kong’s Link Real Estate Investment Trust is reportedly in talks with retail landlord Intu to back its £1bn emergency cash call. The property giant is nearing a deal with the Trafford Centre owner about becoming a “cornerstone” investor in the fundraise later this month, The Times reported. Peel Group, which owns a 27.3 per [...]
EY hit with €95m claim over tax scandal advice February 4, 2020 Big Four accountancy firm EY has been targeted with a €95m (£80.5m) lawsuit for advice it gave to a collapsed bank that allegedly defrauded the German state. The administrator to Maple Bank filed the lawsuit against EY in Stuttgart. The claim relates to the so-called cum-ex scandal which led to the closure of Maple Bank [...]
Forging closer ties with India is crucial, but let’s not lose sight of our neighbours February 3, 2020 Now that the UK has formally left the EU, our trading ties with partners across the world will be more in focus than ever before. This includes our relationship with India, a country I visited last week to promote ties in financial and professional services. The UK-India partnership is now worth some £20bn, with nearly [...]