UK redundancies fall to lowest in seven years despite furlough taper September 7, 2021 Proposed job redundancies in the UK plummeted to their lowest level in seven years in August, despite the fast approaching deadline of the government’s Covid furlough scheme. British employers proposed 12,687 job cuts in August – down almost 80 per cent from the same time last year, when the figure stood at 57,469, according to [...]
Banks write-off £99m in loans to hotels and restaurants September 6, 2021 There has been a 65 per cent uptick in write-offs of loans to restaurants and hotels during the pandemic, Banks have written off £99m in the year to March 2021, up from £60m the previous year, according to research by international audit firm Mazars. Write-offs in lending to the leisure sector have began to rise [...]
Amigo issues fresh warning over future despite profit rise August 27, 2021 Embattled subprime lender Amigo has issued yet another warning over its future despite a fifteen-fold rise in profit this quarter. First quarter pre-tax profit at the firm jumped from £1.4m to £15m, it revealed this morning, a performance finance chief Mike Corcoran labelled “better than expected”. It comes days after Amigo revealed it had made a £283.6m [...]
Ailing subprime lender Amigo registers near sevenfold rise in losses August 24, 2021 Losses at subprime lender Amigo ballooned more than sevenfold over the last year as it contends with the swelling cost of repaying customers it misssold loans to. The guarantor lender’s losses before tax increased 648 per cent compared to the same period in 2020, rising to £283.6m from £37.9m. The widening losses were primarily driven [...]
Hundreds of ex-Debenhams staff launch legal action over lack of redundancy consultation August 20, 2021 Hundreds of Debenhams workers are launching legal action after they claim they were not given adequate notice for redundancy. Up to 800 former employees of the department store are participating in two group actions to employment tribunals, led by Simpson Millar and SDM Legal. Former staff said Debenhams should have collectively consulted with employees for [...]
Analysis: Does Google’s ad clampdown leave Brits at risk of fraud? August 18, 2021 In what Google described as a “significant additional measure” to protect both its users and legitimate advertisers, and to prevent scammers exploiting its various platforms, the multinational tech giant recently announced its intention to clamp down on financial fraud by forcing all financial services advertisers to demonstrate that they are authorised by the Financial Conduct [...]
KPMG fined £13m over Silentnight sale misconduct August 5, 2021 The accounting firm has been fined and ordered to pay over £2.75m in costs, for serious misconduct in its role in the 2011 sale of bed retailer Silentnight to a private equity group. An independent tribunal found that KPMG and one of its partners did not comply with the UK professional accounting principles of objectivity [...]
AIM is ‘market of choice’ for large companies August 2, 2021 London’s junior market AIM is establishing itself as the exchange of choice for larger cap companies, according to new analysis published today. Accountancy group UHY Hacker Young said” “improvement in the overall quality of companies on AIM, partly achieved through more stringent quality control, is making AIM the stock market of choice for larger cap [...]
Exclusive: Does Google’s ad crackdown leave Brits at risk of fraud and mis-selling? July 30, 2021 In what Google described as a “significant additional measure” to protect both its users and legitimate advertisers, and to prevent scammers exploiting its various platforms, the multinational tech giant recently announced its intention to clamp down on financial fraud by forcing all financial services advertisers to demonstrate that they are authorised by the Financial Conduct [...]
KPMG may rebuild restructuring arm one year after selling it for over £350m July 29, 2021 KPMG is reportedly creating a new division to advise on corporate restructurings, less than a year after it sold its UK insolvency advisory business for over £350m. The big four auditor made the move as a result of new competition laws which made achieving profits from its non-auditing services harder, according to the report in [...]