Carillion labelled “one of the most complex insolvencies ever” as jobs saved nears 10,000 barrier April 3, 2018 The government will today announce more than half of Carillion’s pre-liquidation workforce have had their jobs saved. The Insolvency Service is to reveal almost 1,000 more positions have been safeguarded. This means nearly 10,000 of Carillion’s 18,000-strong directly employed workforce have seen their roles preserved. The announcement comes as Carillion’s liquidation nears its three-month anniversary. [...]
Last week in the City March 23, 2018 This week, China warned the US that it is not afraid of engaging in a trade war, the Federal Reserve hiked interest rates again, and Facebook shares plummeted after allegations that millions of users' profile data had been harvested. The FTSE 100 was down 3.5% over the course of the week by mid-session on Friday. [...]
Carillion collapse puts hundreds of jobs at risk as first major supply-chain firm faces administration March 23, 2018 Hundreds of jobs have been put at risk after a Carillion supplier today prepared to call in administrators. Vaughan Engineering, a family-owned company founded in 1955, is set to be Carillion's first major supply chain casualty. Some 160 staff across Vaughan's Edinburgh, Warrington and Newcastle offices are facing redundancy. The firm employs around 500 people [...]
BHS and Carillion failures prompt government crackdown on “dodging debts” directors March 20, 2018 The government has promised to get tough on company directors in the wake of recent high-profile corporate failures. In plans released today, the actions of firms facing insolvency will be put under the microscope with directors facing tougher sanctions such as fines and disqualification. Workers and small suppliers are to be given more powers to [...]
Carillion finance chiefs investigated by top accounting regulator the Financial Reporting Council March 19, 2018 Britain’s top accounting regulator has launched a probe into the actions of two of Carillion’s former finance chiefs. In a widely expected move, Richard Adam and Zafar Khan are being investigated by the Financial Reporting Council (FRC). Carillion’s 2014, 2015 and 2016 annual accounts are to be probed as well as its figures for the [...]
Proxy adviser Manifest has just collapsed into administration March 16, 2018 Shareholder advisory group Manifest has today crashed into administration. Moore Stephens has been appointed as administrator of the lead proxy advisor. According to March 2017 accounts – Manifest’s latest filing with Companies House – the firm had £1.3m of debts payable within the next 12 months. Representatives for the administrators were unable to comment on [...]
Bad debt Britain: Credit insurer claims hit highest level since the financial crisis March 16, 2018 Credit insurers are being hit with the highest level of bad debt claims for nine years, a clear indication UK businesses are facing the most challenging trading environment since the financial crisis. More than £4m is being paid out each week, the most since 2009, according to figures released today by the Association of British [...]
Last Week in the City: Trump threatens trade war March 2, 2018 This week US President Donald Trump threatened a trade war, a number of famous high street names, including Toys R Us and Maplin, got into serious trading trouble and upbeat assessments of the US economy from central bankers helped the US dollar to rally, reversing its recent trend. The FTSE 100 fell 0.2 per cent [...]
Exclusive: Firebrand MP Frank Field hopes to lock horns with Sir Philip Green over Arcadia sale February 19, 2018 One of Westminster’s most dogged MPs is hoping to lock horns once again with retail tycoon Sir Philip Green following reports that the former BHS owner is looking to sell his retail empire to a Chinese textiles conglomerate. City A.M. understands Frank Field, the Labour MP who spearheaded the parliamentary investigation into Green’s doomed sale [...]
UK retailers suffer worst footfall and spending for half a decade February 12, 2018 Britain’s retailers have been dealt another blow at the start of 2018, suffering the worst January for sales and footfall in half a decade. Figures released today by retail experts Springboard show footfall dropped by 1.6 per cent last month, the worst result for January since 2013, with customer numbers on high streets falling by [...]