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 [...]
EU faces surge in bankruptcies as states start to withdraw pandemic support February 11, 2021 A leaked document from the European Union has revealed that a spike in bankruptcies and bad loans awaits the European Commission during the bloc’s post-pandemic economic recovery, as states begin to withdraw public support schemes. The note, seen by Reuters, said that it has taken nearly €2.3 trillion in national liquidity support to prevent a [...]
Westfield London owner posts €7.6bn loss after rent squeeze as UK tenants go bankrupt February 10, 2021 The shopping centre landlord that owns Westfield London, Stratford City and a swathe of similar mega-malls across Europe and the US has seen its like-for-like rental income drop 24 per cent.
BoE rules out big capital reduction for insurers after Brexit February 10, 2021 The Bank of England has told insurers not to expect any big reductions in capital requirements after Brexit, adding that more capital could be “part of the answer” to meeting a £1.7bn bill for Covid-19 claims. Solvency II rules, inherited from Britain’s membership of the EU, are under review, amid calls from insurers and lawmakers [...]
Prezzo to shut 22 restaurants after insolvency deal February 10, 2021 Italian chain Prezzo will permanently close 22 restaurants after being bought out of pre-pack administration by private equity firm Cain International. As a result of the deal, 22 of the high street stalwart’s 178 restaurants will not reopen. Cain said that 216 of its 2,900 jobs would be lost. The deal came after Prezzo was [...]
Arcadia staff gear up for legal action against Philip Green’s retail empire February 9, 2021 Dozens of ex-Arcadia staff have vowed to take legal action against the retail consortium, after it became clear their jobs would not be saved when the Arcadia brands were sold. Arcadia fell into administration in December, becoming the biggest high street casualty of the Covid-19 pandemic. Earlier this week online fashion giant Boohoo announced it [...]