End of an era: Liquidators appointed to wind up Philip Green’s Arcadia empire July 13, 2021 The administrators of Philip Green’s collapsed Arcadia have appointed liquidators to wind up the companies, marking the end of an era for the tycoon’s once-booming retail empire. Arcadia operated a number of high street brands across the UK and globally, including Topshop, Burton and Dorothy Perkins, and employed over 13,000 people at its peak. The [...]
Lorry driver shortage: Govt promises 50,000 more HGV driving tests September 11, 2021 The government has announced that it will make 50,000 more Heavy Goods Vehicles (HGV) driving tests available a year in response to “the worldwide lorry driver shortage”. Covid has led to a major backlog of tests for new drivers – 28,000 as of May this year – while the recent ‘pingdemic’ has caused many drivers to [...]
Covid loan fraud fears as number of businesses struck off Companies House up by 743 per cent June 14, 2021 The number of companies closing down after being struck off the Companies House register increased by 743 per cent during the first quarter of 2021 compared to the same period in 2020. Strike-offs from Companies House increased to 39,601 in the first three months of 2021 compared to just 4,695 in the same period in 2020, [...]
Ikea set to take on Topshop flagship store on Oxford Street September 9, 2021 Ikea has reportedly agreed a deal to take on Topshop’s flagship store on Oxford Street for around £385m. The furniture conglomerate has also bought the 73,000 sq ft NikeTown and a 4,700 sq ft Vans shop, adjacent to the Topshop store, according to real estate publication React News. Ikea is thought to be planning a [...]
Third lockdown ‘far more challenging this time around’ for auditors January 21, 2021 The timing of England’s third national lockdown has posed new and more difficult challenges for audit firms to overcome, that could see annual results delayed or even qualified. With lockdown rules urging people to stay home to stop the spread of coronavirus, auditors are struggling to physically carry out necessary tasks to perform an audit. [...]
City Moves: Who is switching jobs in the Square Mile this week? March 31, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Covatic appoints ex-BBC strategy head London-based start-up tech company Covatic has hired an ex-BBC veteran as its chief product officer. Daniel Pike joins the company, which aims to improve in-app consumer engagement, at [...]
Accounting watchdog: Third of all audits ‘unsatisfactory’ amid fears sector reforms will be watered down November 18, 2021 An “unacceptably high” number of audits still need improving, according to the UK accounting watchdog’s latest report, amid increasing concerns that the government may scale back long-awaited corporate governance and audit reforms. The Financial Reporting Council (FRC) today published its latest annual report on UK audits, finding that 33 per cent of all audits still [...]
RSM pays back £4.4m furlough cash December 16, 2020 Audit challenger firm RSM has repaid £4.4m to the government, having decided to do so in a board meeting earlier this month, City A.M can reveal. RSM’s board made the decision to repay the the money in full on 8 December. CEO Rob Donaldson said the firm did not see the decision as an opportunity [...]
City Moves for 14 October – Who’s switching jobs at Trident Resources, Mazars and Hymans Robertson? October 14, 2019 Today’s City Moves includes Trident Resources, Mazars and Hymans Robertson Trident Resources Adam Davidson has been appointed director and chief executive officer of Trident Resources, the investment vehicle formed to identify, assess and acquire near term mining development and production assets. Adam joins the board of directors with over 10 years of experience in the [...]
Challenger audit firms prep for forced audit separation January 29, 2021 Challenger audit firms are readying themselves for audit separation, a requirement not yet expected of them, but one they see as inevitable in the future. Last summer audit regulator the Financial Reporting Council (FRC) ordered the Big Four firms – Deloitte, KPMG, PwC and EY – to separate their audit units from the rest of their [...]