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 [...]
Rentokil boosts revenue on disinfection sales during pandemic October 22, 2020 Rentokil’s revenue climbed almost 10 per cent in the third quarter, after strong demand for its hygiene and disinfection services helped offset a slump in pest control sales, and boosted its full-year outlook. The figures The Camberley-based ratcatchers saw ongoing group revenue climb 9.8 per cent to £754.6m in the third quarter. The group said [...]
Ed Miliband calls on government to extend ‘wrongful trading’ suspension until end of year October 21, 2020 Shadow business secretary Ed Miliband has urged the government to extend the suspension of “wrongful trading” rules to the end of the year or risk a flurry of firms going bankrupt. Back in March, ministers introduced a temporary protection for business directors to protect them from liability if they kept trading despite facing bankruptcy due [...]
Banks not ready for negative interest rates, says Natwest chairman October 15, 2020 British banks are not ready to implement negative interest rates, the chairman of Natwest said today. “We’re not completely ready for it,” Howard Davies said during an interview. “There would be technical issues and many contractual issues.” The chairman said he was not in favour of negative rates being introduced, telling Bloomberg Radio there was [...]
Beware the risk to economic stability if banks are asked to shoulder the full burden of Covid-19 October 15, 2020 The economic cost of Covid-19 has been — and will continue to be — immense. As the Bank of England publishes its surveys on bank liabilities and credit conditions today, it is a reminder that much of that cost will fall on the financial sector, and within that, on the larger banks. But how that [...]
BR Shetty seeks India probe into NMC Health and Finablr bosses October 12, 2020 Indian entrepreneur BR Shetty has filed a complaint with federal investigative agencies in India, seeking a probe into two former top executives of his companies and two Indian banks linked to the multibillion dollar scandal engulfing his business empire. Several firms linked to Shetty including UAE hospital operator NMC Health and payments firm Finablr have [...]