Surge in bumper deals helps UK M&A regain its mojo December 18, 2020 After a slow start to the year UK M&A has bounced back after a surge in mega deals saw activity soar 80 per cent. M&A with UK involvement has totalled £429.8bn so far this year, 80 per cent more than the value recorded in 2019 according to research by data provider Refinitiv. A staggering 21 [...]
Ed Miliband calls on Philip Green to plug Arcadia pensions gap December 2, 2020 Shadow Business Secretary Ed Miliband has called on Sir Philip Green to plug the pension deficit at his failed retail firm Arcadia, saying staff “shouldn’t pay the price for his greed.” Speaking to Kay Burley on Sky News this morning, the former Labour leader said that Green “owes a moral responsibility to 12,000 workers who [...]
German regulator suspects EY knowingly issued ‘factually inaccurate’ Wirecard audit December 1, 2020 Germany’s audit watchdog Apas suspects EY partners knew they were issuing a “factually inaccurate” audit for Wirecard in 2017. Apas has reported EY to prosecutors after believing the big four firm may have acted criminally during its work for payments company Wirecard, which collapsed into insolvency earlier this year. According to the FT, EY audited [...]
Sir Philip Green’s Arcadia facing collapse within hours November 30, 2020 Sir Philip Green’s retail empire Arcadia, which owns high street brands Topshop and Dorothy Perkins, is reportedly on the brink of collapse this morning. The retail group could become the latest casualty of the coronavirus pandemic and appoint administrators as soon as this afternoon, City A.M. understands, which would put 13,000 jobs at risk. Mike [...]
German minister does not expect big insolvency wave until end of year November 27, 2020 German Economy Minister Peter Altmaier said today he expects emergency aid will prevent a big wave of insolvencies in November and December among businesses, such as restaurants and hotels, that have been forced to close due to coronavirus curbs. “I believe that for the sectors primarily concerned (…) we have – through the November and [...]
Philip Green’s Arcadia ‘faces collapse’ in the coming days November 27, 2020 Sir Philip Green’s retail empire Arcadia, owner of Topshop, could appoint administrators early next week. Sky News reported the move could put 13,000 jobs at risk. The appointment of administrators could happen as early as Monday, although one source close to the story told Sky News the plan had not been finalised and could be [...]
KPMG partner blasts “witch hunt” case at Silentnight tribunal November 25, 2020 A partner at KPMG who is wrapped up in a case involving KPMG, Silentnight and the FRC has described the case as a “witch hunt” during an outburst at the tribunal. David Costly-Wood, a restructuring partner at KPMG is, along with the big four firm, accused of helping private equity firm HIG Capital force the [...]
Healthy fast food chain Leon explores restructuring options November 23, 2020 Healthy fast food chain Leon is reportedly drawing up plans for an insolvency arrangement to allow it to secure rent cuts from its landlords. The firm is working on proposals for a company voluntary arrangement, and has hired advisors to help with the plans, Sky News reported. The proposals, which are likely to involve seeking [...]
Exclusive: Liberty Steel poised to swoop for stranded Port Talbot steelworks November 20, 2020 Sanjeev Gupta’s Liberty Steel is poised to swoop for Tata’s UK steelworks at Port Talbot in Wales, City A.M. understands. Over the weekend the Indian conglomerate announced that Swedish firm SSAB was in discussions with Tata over buying its assets in the Netherlands, which would lead to the break-up of the firm’s European steel operations. [...]
Jaeger and Peacocks collapse into administration, putting 4,700 jobs at risk November 19, 2020 Fashion chains Jaeger and Peacocks have collapsed into administration, putting 4,700 jobs and almost 500 shops at risk. The latest blow to the UK high street comes just weeks after the owner of both retailers began insolvency proceedings for sister brand Edinburgh Woollen Mill. Administrators have been unable to find a buyer for Jaeger or [...]