Suitors circle Sanjeev Gupta’s GFG as Greensill nears collapse March 7, 2021 Sanjeev Gupta’s GFG Alliance is said to be on the brink of a potential fire sale as embattled finance firm Greensill, its main source of funding, nears collapse. Rivals are eyeing up key assets from GFG’s Liberty Steel arm amid expectations that Gupta could start selling off parts of his business in an attempt to [...]
Credit Suisse to wind down Greensill-linked funds as GFG ‘ceases repayments’ March 5, 2021 Banker Credit Suisse today said that it would wind down supply-chain finance funds worth around $10bn linked to embattled Greensill Capital. In a statement this morning the Swiss lender said it would start repaying investors around 80 per cent of the $3.7bn it has available. The decision came as Sanjeev Gupta’s GFG Alliance decided to [...]
PwC and EY: Our restructuring arms are not for sale March 4, 2021 Big Four firms PwC and EY have insisted they have no plans to follow in the footsteps of rivals KPMG and Deloitte and sell the restructuring units of their businesses. Selling restructuring units is in vogue at Big Four firms. This morning KPMG announced it had signed an unconditional agreement with private equity firm HIG [...]
KPMG unit sale creates new restructuring behemoth Interpath Advisory March 4, 2021 KPMG has signed an unconditional agreement to sell its restructuring practice to Interpath Advisory, a newly-formed company backed by private equity firm HIG Europe. The sale will see 22 partners and around 528 staff currently employed in KPMG’s restructuring practice transfer to Interpath Advisory, making it the largest independent restructuring and turnaround business in the [...]
German regulator ‘files criminal complaint’ over manipulation at Greensill Bank March 3, 2021 The German financial regulator has reportedly filed a criminal complaint against Greensill Bank for suspected balance sheet manipulation. Bafin filed the complaint earlier today with prosecutors in Bremen where the bank’s headquarters are based, according to the Financial Times. It comes as part of an investigation into the firm’s balance sheet by KPMG which started [...]
KPMG ‘to sell’ restructuring arm in £400m deal March 2, 2021 Big four accountancy firm KPMG is set to announce the sale of its UK restructuring arm in a deal worth £400m, according to reports, as the company braces for sweeping new audit reforms. The division, which will be renamed Interpath Advisory, will automatically become the largest restructuring firm in the UK by employee count, Sky [...]
Greensill Capital seeks insolvency protection in Australia March 2, 2021 Greensill Capital has sought insolvency protection in Australia as it comes under further pressure after Credit Suisse suspended funds investing in its products. The beleagured firm, advised by former Prime Minister David Cameron, is reportedly looking to invoke “safe harbour” protection in Australia, according to the Financial Times. This would protect directors from personal liability [...]
Hospitality redundancies: How many restaurant and pub jobs have been lost during the pandemic? February 27, 2021 How many restaurant and pub jobs have been lost during the pandemic?
Post-Brexit regulatory changes for the City could free up £95bn, says study February 23, 2021 The UK could free up £95bn for City insurance firms to reinvestment into the economy if the Treasury waters down the EU’s Solvency II regulations post-Brexit, according to a new study. The Association of British Insurers report, researched by accounting firm KPMG, recommends easing the cap on how much capital insurance firms must hold at [...]
Advisory firm Teneo moves in on Deloitte’s restructuring arm February 13, 2021 Deloitte is said to be preparing a sale of its restructuring arm to PR and advisory giant Teneo, marking a further shake-up of Britain’s Big Four audit firms. Teneo, which is backed by private equity group CVC Capital Partners, is in advanced talks to snap up the Deloitte unit that specialises in business insolvencies, Sky [...]