Deloitte sued for £20m over collapse of storage firm August 11, 2019 A Yorkshire-based businessman is suing big four accountant Deloitte and international law firm Clyde & Co over allegations that Barclays bank exerted “informal control” over the financial giants during the winding down of his firm. Jason Schofield, a businessman who ran Leeds’ based storage firm Rhino Enterprises, is suing two joint administrators at Deloitte and [...]
Serco continues to power ahead of outsourcing crowd after US deal July 31, 2019 Serco shares rose today after it reported a nearly one-third jump in first-half underlying profit. The outsourcer, which has increasingly looked overseas in recent years, said the increase was in part down to revenue growth in North America. Read more: Serco fined £19m for government tagging contract fraud Shares rose five per cent today. The [...]
It’s up to the business world to make the case for capitalism July 30, 2019 Barely a moment after the new Prime Minister took office, the leader of the opposition was already calling for a General Election. While there are no current plans to go to the country in the next few months, Labour is ramping up its election strategy. Anyone who believes in capitalism and free enterprise should be [...]
Army fire-fighting service handed to outsourcer Capita in £525m deal July 18, 2019 The Army has tasked outsourcer Capita with running its firefighting service at bases across the UK for the next 12 years. Defence minister Tobias Elwood said the £525m contract award would deliver “significant financial savings”. The army would invest this money into other areas of Britain’s defence budget, he added. Read more: Capita takes on [...]
Deloitte fined £6.5m for role in Serco tagging scandal July 4, 2019 Big-Four auditor Deloitte was today fined £6.5m and “severely reprimanded” for its role in Serco’s electronic tag scandal. The Financial Reporting Council fine was reduced to £4.2m after the auditor admitted misconduct in connection to the scandal Serco yesterday agreed a deferred prosecution agreement with the Serious Fraud Office over three offences of fraud and [...]
Serco fined £19m for government tagging contract fraud July 3, 2019 Outsourcer Serco has agreed to pay a £19.2m fine to the Serious Fraud Office after it overcharged the government for a contract. The company will also cover the SFO’s £3.7m costs. It has already paid back the Ministry of Justice in a £70m settlement in 2013. Read more: Serco tried to merge with struggling Babcock [...]
Babcock: Serco’s rebuffed bid had ‘no strategic merit’ June 17, 2019 Babcock has confirmed it rejected a takeover approach from its smaller rival Serco in January. Read more: Serco tried to merge with huge rival Babcock Serco had proposed an “all-share combination” between the two industrials companies but Babcock’s board unanimously rejected it, the outsourcer said today. Board members concluded that “a combination of the two [...]
Serco tried to merge with struggling Babcock June 16, 2019 Outsourcing giant Serco has tried twice to merge with its considerably bigger rival Babcock as they both grapple with a tough industry. Serco’s chair, Sir Roy Gardner, reportedly contacted Mike Turner, who heads Babcock’s board, at the end of 2018. Turner rejected the proposal, the Sunday Times reported. However, this did not stop Serco from [...]
Medium-sized businesses power ahead of the pack on overseas revenue growth May 28, 2019 Mid-sized companies are boosting Britain’s revenue growth overseas, driving international turnover by 63 per cent in the last five years, according to research. Read more: Medium-sized businesses lead UK revenue growth overseas New data has revealed that the increase, from £96bn to £157bn, exceeds that of FTSE 350 companies that have seen a 15 per [...]
Serco shares rise as outsourcer seals £178m US Navy contractor buyout May 23, 2019 Serco shares rose eight per cent this morning as the government outsourcer announced it had struck a $225m (£178m) deal to buy a contractor to the US Navy. Read more: Serco seeks to capitalise on Brexit chaos as financial revival continues The FTSE 250 company, which already employs thousands of people in the US working [...]