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 [...]
KPMG rubbishes ‘conspiracy theory’ it helped private equity business dump Silentnight pension liabilities November 17, 2020 KPMG has refuted claims it helped US private equity firm HIG Capital force the insolvency of Silentnight so it could acquire the business without the burden of Silentnight’s £100m pension scheme. Speaking at a tribunal today Mark Phillips QC, who was representing KPMG, said the idea that the big four auditor had jeopardised Silentnight’s ability [...]
KPMG to sell restructuring arm to win more work November 9, 2020 Audit giant KPMG is to sell its restructuring arm because conflicts of interest and regulatory scrutiny are preventing it from winning work. In an email to colleagues KPMG UK chairman and senior partner Bill Michael said that concerns relating to conflicts of interest arising from its existing work was likely to “limit the restructuring clients [...]
More than 2,000 jobs at risk as Edinburgh Woollen Mill collapses into administration November 6, 2020 High street giant Edinburgh Woollen Mill has collapsed into administration, putting more than 2,000 jobs at risk in the latest blow to the beleaguered UK retail sector. The firm, which is owned by billionaire businessman Philip Day, has appointed FRP Advisory as administrators to its Edinburgh Woollen Mill and Ponden Home brands, it announced this [...]
Two-thirds of all UK businesses at risk of insolvency October 28, 2020 Two-thirds of all businesses across the UK currently trading have a “low to severe risk of insolvency”, according to the Office for National Statistics (ONS). The latest Business Impact of Coronavirus Survey (BICS) from the ONS found that 64 per cent of businesses across all industries are at risk of insolvency, with 43 per cent [...]
Infrastructure in Deep Tech October 27, 2020 Lex Sokolin’s Fintech Blueprint newsletter last week set out the challenges for the financial services sector in 2020. He summarised the argument saying “(1) the shift from physical to digital communities is being accelerated by the COVID environment, and (2) this has led to the acceleration in adoption of virtual worlds, events, and economic activities [...]