MPs slam ‘inconceivable’ judgement of Thomas Cook auditor EY October 22, 2019 Thomas Cook’s auditor, EY, has faced a barrage of criticism from MPs, who called it “inconceivable” that accountants judged it a sustainable business in the year leading to its collapse. Bosses at EY and PwC, two of the so-called big four accountancy firms, were hauled in front of the business select committee this morning as [...]
Watchstone shares jump 40 per cent after it settles Slater & Gordon fraud claim October 21, 2019 Insurance firm Watchstone and law firm Slater & Gordon have settled a long running fraud claim just hours before a nine-week High Court trial was due to begin. Watchstone’s shares jumped 45 per cent today to 156p after the settlement was announced. The claim dates from listed Australian law firm Slater & Gordon’s acquisition of [...]
Jobs at risk as Jessops boss mulls rescue plan October 16, 2019 The owner of struggling camera retailer Jessops, Dragons Den star Peter Jones, is preparing to appoint administrators in a bid to rescue the firm, in a move that could lead to store closures and rent cuts. JR Prop Limited, the manager of the retailer’s leasehold property estate, has filed a notice of intention to appoint [...]
Loungers revenue soars following restaurant expansion October 16, 2019 Loungers, the owner of the Lounge and Cosy Club restaurant brands, said revenue soared over the summer as the company opened 10 new venues. Revenue in the 24 weeks to 6 October was £79.8m, an increase of 22 per cent on the previous year, as the group opened eight Lounges and two new Cosy Clubs. [...]
Collapsed airlines to fly passengers home under new government proposal October 12, 2019 Under a new government proposal, aeroplanes owned by collapsed airlines could be used to repatriate passengers to the UK, instead of being grounded. The proposed legislation comes in the wake of Thomas Cook’s collapse, which required the Civil Aviation Authority to find 150 aircraft and operate almost 700 flights at a total cost of £100m. [...]
Investment firm responsible for £1bn assets goes into special administration October 9, 2019 Reyker Securities, an investment management firm responsible for £1bn of assets, has entered special administration amid “financial difficulties” following a failed attempt to sell the firm. The company, which has around 15,000 clients, had been pursuing an accelerated sales process, but the Financial Conduct Authority (FCA) confirmed this fell through. Read more: UK fund outflows [...]
UK insolvency rates tipped to grow by 10 per cent in 2019 October 7, 2019 Global insolvency rates are rising for the first time since the aftermath of the 2008 financial crash with the UK expected to be the worst hit, according to a multinational insurance company. An insolvency outlook report by Atradius forecasts business failure rates will increase by 10 per cent this year in Britain and by 2.7 [...]
Thomas Cook paid more than £20m to advisers in days before collapse October 5, 2019 Thomas Cook paid more than £20m to over 30 advisers in its final days as it failed to secure a rescue deal. The payout added to the cash deficit that led to the company’s collapse, with advisers working on behalf of the company, bondholders, shareholders, the pension fund and insurance schemes. They were all involved [...]
Chinese steel maker Jingye ‘makes fresh approach’ to buy British Steel October 2, 2019 Chinese steel maker Jingye has reportedly approached the government with a fresh offer for British Steel, despite officials having picked out another company as their preferred bidder weeks ago. Sky News reports the firm, which is based in Hebei province in northern China, made its approach to take over the UK’s second-biggest steel producer in [...]
FRC watchdog probes EY audit of Thomas Cook accounts October 1, 2019 The UK’s financial watchdog has launched an investigation into EY’s audit of Thomas Cook’s last set of financial results. The Financial Reporting Council (FRC) has started its probe into EY’s audit of the collapsed tour operator’s financial year ending 30 September 2018. Read more: DEBATE: Is Thomas Cook’s boss right to defend his high pay? [...]