Retail collapses decline despite Bank’s woes January 7, 2015 THE NUMBER of retailers that collapsed into administration fell by more than a third last year as the high street benefited from improving consumer confidence, according to Deloitte. Some 119 retailers fell into administration, down 35 per cent on 2013, when 183 high street names were forced to close their doors, the professional services firm [...]
City Moves for 07 January 2015 | Who’s switching jobs January 6, 2015 Dexion Capital The alternatives investment bank has appointed Magnus Spence as head of asset management. He has over 20 years’ experience, and has held roles at Mercury Asset Management/Merrill Lynch Investment Managers. Spence co-founded Dalton Strategic Partnership in 2002. Falcon Group The specialist financier has appointed Nick Gowlland as chief financial officer. He has previously [...]
Why is the first quarter the worst time of year for retail administrations? January 6, 2015 Hating January already? Be thankful you're not a retail business, because the festive hangover is even more brutal for them. The first quarter has been consistently the biggest period for retail failures looking back over the past three years – and experts believe 2015 could see even more companies collapse as the repercussions of [...]
Tesco profit overstatement: PwC faces double investigation by accountancy watchdog FRC December 22, 2014 The Financial Reporting Council (FRC), the regulator for the UK’s accountancy industry, yesterday announced it was launching two separate investigations into the activities of professional services giant PwC. The probes will look into the book-keeping role played by the Big Four accountant in recent scandals involving UK supermarket chain Tesco and banking monolith Barclays. In [...]
Quindell eyed in parliament as Lord Myners questions company’s activities December 12, 2014 Former City minister Lord Myners has asked the government whether it will investigate embattled insurance outsourcer Quindell, its board of directors or its financial advisers. The written parliamentary question, first reported by the Financial Times, was put to the government on 1 December. Myners said: To ask Her Majesty's government whether they are investigating Quindell and [...]
Insolvencies at a pre-recession low but young families suffering December 7, 2014 THE NUMBER of people being declared insolvent in the UK has fallen to pre-recession levels, new data shows. However, the number of insolvencies remains high for young families, according to figures released by information services firm Experian today. All 15 of Experian’s demographic groups saw a decline in insolvency rates on the year in the [...]
City Moves for 26 November 2014 | Who’s switching jobs November 25, 2014 Standard Chartered Euan Campbell has been appointed to the newly-created role of global head of retail segments for retail clients at the bank. He joins from Santander Group, where he was executive vice president responsible for the strategic direction of its US cards business. Campbell has also held senior roles at HSBC. Cordea Savills The [...]
Leyne, Strauss-Kahn & Partners shuts after “additional commitments” discovered which “aggravate its delicate financial situation” November 5, 2014 An investment firm formerly associated with Dominique Strauss-Kahn has declared itself insolvent following the discovery of new dealings that the firm says have knocked its financial situation. Leyne, Strauss-Kahn & Partners (LSK) was set up last year by French-Israeli entrepreneur Thierry Leyne, who died on 23 October in an apparent suicide. Three days earlier the [...]
Lord Hill should not fear ambition in pursuing capital markets union November 2, 2014 Today is Jonathan Hill’s first day as European commissioner for financial stability, financial services and capital markets union. He takes on the role at an inflection point: there is broad recognition that Europe needs deep, healthy, and diverse financial markets if it is to unlock economic growth. Banks still provide the major proportion of Europe’s [...]
Game Group “pay as you stay” appeal rejected by Supreme Court October 31, 2014 Game Group's appeal against a landmark decision forcing retailers to pay rent even after they have filed for administration has been rejected by the Supreme Court. The test case was brought by landlords British Land, Hammerson, Land Securities and Intu, and the February ruling in their favour paved the way for so-called “pay as [...]