City Moves for 18 December 2015 | Who’s switching jobs December 17, 2015 TOGETHER Andrew Murdoch has joined specialist lender Together as group valuations manager, after 12 years with Eddisons. A Royal Institute of Chartered Surveyors-registered valuer and registered receiver, he has extensive experience in valuation, asset management and value enhancement. At Eddisons, he spent eight years specialising in corporate recovery, insolvency and LPA receiverships, including two year-long [...]
Begbies Traynor sees profits plummet to £0.6m amid difficult insolvency market December 9, 2015 Business recovery and property services consultancy Begbies Traynor today revealed profit before tax of £0.6m for its six months ended 31 October 2015, plunging from £1.5m for the same period last year. However, revenue for the company increased to £25.5m for the period, up from £20.8m in 2014. The company noted that the financial performance was in [...]
Funding crisis puts 1,700 jobs at risk over Christmas at printer Polestar December 6, 2015 An emergency financial review at printer Polestar has reportedly found the firm could run out of money by Christmas. According to a Deloitte report seen by the Sunday Times accountants at Deloitte have warned the printer, which produces the Radio Times, Private Eye and Top Gear, will need to take on additional immediate funding. It’s being [...]
UK care homes at risk of financial ruin as Living Wage costs bite November 30, 2015 Hundreds of British care homes are facing financial ruin as a result of the Living Wage, with the sector expected to come up against a £500m funding gap next year. According to data from corporate health specialists Company Watch, costs across the sector could rise by as much as £900m with the introduction of the [...]
Greece has until the end of the week to meet bank recapitalisation requirements, says Eurogroup president Jeroen Dijsselbloem November 9, 2015 Eurozone finance ministers have given Greece until the end of the week to make the necessary reforms needed to complete its bank bailout. Europe has put £10bn aside for Greece but Jeroen Dijsselbloem, head of the Eurogroup of Eurozone finance ministers, said after a meeting of finance ministers in Brussels that "the agreed conditionalities need to be met". [...]
City Moves for 30 October 2015 | Who’s switching jobs October 29, 2015 MITSUBISHI UFJ FINANCIAL GROUP The bank has announced two appointments to its corporate banking team in Europe, the Middle East and Africa. Ian Wootton joins as managing director, healthcare. For the last year, he was an independent adviser for Park Road Advisory and was also formerly a partner at PwC. Richard Price (pictured) joins as [...]
Company prospects pick up as insolvencies fall in third quarter October 29, 2015 Prospects for business are looking brighter after industry statistics revealed a drop in the number of companies collapsing into administration in the third quarter of the year. An estimated 363 companies entered administration in the last three months, a decrease of 2.4 per cent compared with the previous quarter and 5.5 per cent lower than [...]
Moore Stephens: directors acting illegally “are more likely than ever to get caught” October 19, 2015 The number of company directors disqualified for conducting unlawful transactions in failing businesses increased sharply over the last year, according to a new report out today from Moore Stephens, the accountancy firm. Moore Stephens recorded a 12 per cent jump in disqualifications for so-called uncommercial transactions, such as selling assets cheaply or paying off loans improperly at [...]
Rate of shop closures on the British high street at its lowest in five years October 15, 2015 Good news for the high street. Shops are enjoying their lowest closure rate for five years, according to PwC research compiled by the Local Data Company (LDC) and released today. In the first six months of 2015, 2,634 shops closed on the UK’s high streets, a rate of 14 stores a day, said the research. [...]
Sports Direct chief executive Dave Forsey charged over USC administration on same day staff win legal battle over redundancy pay October 9, 2015 A government agency has charged Sports Direct chief executive Dave Forsey over criminal offences regarding the company's handling of the administration of chain USC. The UK Insolvency Service has started criminal proceedings against the retail boss for “an offence contrary to section 194 of the Trade Union and Labour Relations (Consolidation) Act 1992,” it told City A.M. This [...]