Insolvency service launches investigation into collapse of disgraced PR firm Bell Pottinger September 9, 2018 Several former partners of folded PR firm Bell Pottinger are being investigated by the Insolvency Service. The company collapsed a year ago following a scandal over its work for the Indian Gupta family in South Africa, where it was accused of deliberately stoking up racial tensions in the country. Letters have been sent to the partners [...]
Supplier joins growing calls for investigation into House of Fraser collapse September 9, 2018 Mike Ashley’s calls for an insolvency investigation into House of Fraser’s former directors were backed by one of the department store’s major suppliers today. Tea Terrace boss Ehab Shouly told the Sunday Times that House of Fraser’s erstwhile bosses withheld vital information about the company prior to its collapse last month. One source close to [...]
European Court rules that UK pension lifeboat must lift compensation cap September 6, 2018 The Court of Justice of the European Union ruled today that pensioners should receive at least 50 per cent of the value of their pension in the event that their employer goes bust. The UK’s pensions lifeboat, the Pension Protection Fund (PPF), had capped compensation for those that had lost their pensions when their employers [...]
John Lewis have it right: changing tastes show retail’s centre cannot hold September 5, 2018 If you look past the shiny new signage on the front of the John Lewis & Partners flagship Oxford Street store, there is a much more interesting change going on inside. The retailer’s new name is not the only way it is signalling pride in its employees. Partners are becoming more visible throughout stores. “While [...]
Hobs Repro swallows Call Print’s assets to create UK-wide network of printing branches September 3, 2018 Hobs Repro has swallowed most of struggling competitor Call Print's assets, creating a UK-wide network of 24 printing branches, the company announced on Monday. Cash flow problems forced the scanning, stationery and printing firm into administration on Friday. It was sold the same day in a pre-pack transaction that had been marketed for several weeks. [...]
House of Fraser administrator faces complaint over Sports Direct sale September 3, 2018 House of Fraser's administrator is facing a complaint over its handling of the department store's collapse and sale to Sports Direct. In a letter seen by City A.M., businessman Paul Mckie claimed he was told by Ernst & Young on the morning of the administration that the firm had not been appointed. The official complaint, [...]
Sports Direct boss Mike Ashley could face a shareholder revolt this week at its annual general meeting September 2, 2018 Sports Direct boss Mike Ashley could face a shareholder uprising at the retail giant’s annual general meeting (AGM) on Wednesday. Influential shareholder advisory groups ISS and Glass Lewis have both urged investors to vote against Mike Ashley’s re-appointment as chief executive and have also come out against chairman Keith Hellawell. Ashley, who is currently struggling [...]
Claim-hit Wonga stops taking loan applications as it ‘considers its options’ August 30, 2018 Wonga appeared to be on the verge of folding this morning, as it made the decision to stop taking new loan applications. The payday lender told customers that it “continues to assess its options” in the wake of a huge number of compensation claims that led to shareholders providing an emergency £10m earlier this month. [...]
Business owners launch last-ditch effort to force action against Royal Bank of Scotland GRG bankers August 29, 2018 Business owners who claim to have been mistreated by Royal Bank of Scotland (RBS) are writing a new report on the bank’s alleged misconduct in a last-ditch effort to force regulators to take action against senior bankers. The group, SME Alliance, said its report will cover new evidence of events in RBS's global restructuring group [...]
City Moves for 29 August 2018 – who’s switching jobs at JLL, City of London Group, The Insolvency Practitioners Association and Mayer Brown? August 29, 2018 Today's City Moves cover workplace strategy, risk, insolvency practitioners and legal eagles. Take a look at these movers and shakers: JLL JLL has appointed Guzman de Yarza Blache as head of its workplace strategy business practice in Europe, the Middle East and Africa (EMEA). Guzman joined JLL in 2016 as head of workplace strategy and [...]