Carillion bosses face fresh questioning from Insolvency Service 11 months on from dramatic collapse December 30, 2018 Carillion’s former bosses were hauled in front of Insolvency Service investigators at the start of December to answer questions about its collapse according to reports. Philip Green, chairman of the company when it went bust in mid-January, and ex-chief executive Richard Howson, could face bans from taking boardroom positions for up to 15 years. Sky [...]
Sports Direct takes profit hit from ‘challenging’ House of Fraser acquisition December 13, 2018 Sports Direct has posted a 27 per cent drop in half-year profits today, as costs from the acquisition of beleaguered department store chain House of Fraser weighed on the group’s balance books. Shares in Sports Direct slumped 12.7 per cent this afternoon, with the retailer rushing out an urgent clarification this afternoon after Mike Ashley said [...]
Truffle hustle: Courts shut down scammers in £9m high-value truffle farm investment racket December 13, 2018 Courts have shut down five companies behind a £9m scam which promised unwitting investors a share of the proceeds from fictional high-value truffle farms all over the globe. The companies told investors their savings were funding oak and hazel tree saplings inoculated with truffle spores. The truffles would then be cultivated and sold, with investors and [...]
Carpetright losses widen amid major restructuring December 11, 2018 Embattled retailer Carpetright reported widening half-year losses this morning, as it slashes costs and closes tens of stores in an effort to rescue the business. The figures Statutory losses before tax dropped to £11.7m in the six months to the end of October, plunging from losses of £0.6m when compared with the same period [...]
Outsourcers’ woes continue as construction giant Kier Group braces for potential drop from FTSE 250 December 4, 2018 The beleaguered UK outsourcing industry could suffer another blow in coming days with construction giant Kier Group looking set to drop from the FTSE 250 index. Kier’s stock was down another eight per cent this morning as the spectre of Wednesday’s round of FTSE index relegations and promotions loomed. City A.M. understands Kier is one of several [...]
Moulton-backed litigation funder Manolete Partners raises £29m in London float November 30, 2018 A litigation funder backed by City veteran Jon Moulton has raised £29.4m in its London initial public offering (IPO). Manolete Partners announced its intention to float on London’s Aim market today. It said it had conditionally raised £16.3m before expenses from the placing of 9,285,714 new ordinary shares with £13.1m before expenses realised by selling shareholders [...]
City Moves for 30 November – who’s switching jobs at DWF, Legal & General and Relendex? November 30, 2018 DWF DWF has appointed regulatory specialist Richard Burger as a partner in its regulatory, compliance and investigations team in London. Richard joins from corporate and insurance firm Reynolds Porter Chamberlain (RPC). Richard has 20 years’ experience in UK and international regulatory enforcement, criminal and internal corporate investigations. A former regulatory enforcement lawyer with the FSA [...]
Johnston Press administrator says creditors will face a ‘significant’ cash shortfall November 23, 2018 The administrator of struggling publishing company Johnston Press has said there will be “a significant shortfall” of money for creditors after being sold out of pre-pack administration last week. Alix Partners, the company’s administrators, warned in their first report that although funds would be available to secured bondholders and to unsecured creditors, there would still [...]
KPMG faces tribunal for its work for mattress firm Silentnight November 22, 2018 Audit firm KPMG and one of its partners face a tribunal over work for mattress firm Silentnight, the accountancy watchdog said today. The Financial Reporting Council (FRC) today delivered a formal complaint against the firm and restructuring partner David Costley-Wood. The FRC alleged that KPMG and Costley-Wood acted for Silentnight “in circumstances where their professional judgment [...]
Mothercare shares fall as it puts the media in the firing line after losses widen in insolvency battle November 22, 2018 Losses have mounted at embattled childcare retailer Mothercare, which blamed it on critical press coverage of its financial woes as the company undergoes a restructuring process. Group managing director David Wood, who acted as interim chief executive earlier this year, stepped down from his position yesterday. Its share price fell more than 10 per cent as markets [...]