Horrible bosses: How retailers can clean up their image March 7, 2019 It seems like a case of “another day, another scandal” in the retail industry at the moment. This time it’s Ted Baker founder and CEO, Ray Kelvin, who has been accused of “forced hugging”. While I can’t comment on the innocence (or otherwise) of the shamed chief, he joins a growing list of alleged wrong [...]
Ted Baker chief executive Ray Kelvin resigns following misconduct allegations March 4, 2019 Ted Baker chief executive Ray Kelvin resigned with immediate effect on Monday morning following allegations of harassment late last year. Kelvin has denied all allegations, including claims the chief executive and founder harassed female staff members with "forced hugs" and unwanted attention. His resignation follows a period of voluntary leave since the start of December when the [...]
Under-fire Ted Baker issues profit warning as shares plunge February 27, 2019 Ted Baker warned investors of a £10m hit to profits for its full year this morning, blaming a series of unexpected blows to its bottom line. Profit before tax for the year to the end of January is now expected to fall in the region of £63m, sending shares crashing 13 per cent to 1,734p. [...]
KPMG boss confident in Carillion audit despite partner suspension January 30, 2019 KPMG’s UK boss said the firm remains confident in the quality of its audit work for collapsed construction firm Carillion, despite suspending a partner over concerns related to falsified documents. Earlier this month, the Big Four audit confirmed it had suspended the top audit partner Carillion, Peter Menshan, along with three other non-partner members of [...]
Microsoft taps London data science hub Pivigo to give UK businesses access to data on demand January 30, 2019 Microsoft has today unveiled a partnership with London data science hub Pivigo, giving its customers access to a global network of data scientists on demand. Enabled alongside its Azure suite of machine-learning tools, Microsoft users will be able to tap into Pivigo's 6,000-strong community of data scientists to help with projects such as optimising pricing structures, [...]
Retail sector suffers worst Christmas in a decade as sales stagnate January 10, 2019 The UK retail sector has suffered its worst Christmas in a decade as sales stagnated during the crucial festive period, despite a string of positive updates offering a glimmer of hope. Overall retail sales were flat in December, the lowest level of growth since April and the worst festive performance since 2008, according to figures [...]
Ted Baker posts Christmas sales rise despite chairman harassment investigation January 9, 2019 Ted Baker today reported double-digit sales growth over the festive period as it proved resilient to retail fears and an investigation into its founder. The fashion brand said retail sales increased by 12.2 per cent in the five weeks to 5 January compared to the same period last year. The growth was spurred on by [...]
Competition and Markets Authority to recommend market share cap for Big Four audit firms December 13, 2018 The UK's top four audit firms are facing a market share cap to encourage competition from smaller companies as the sector comes under increased scrutiny following a number of high profile corporate collapses. The Competition and Markets Authority (CMA) is expected to recommend a limit on the number of large listed companies that the so-called Big [...]
Editor’s Notes: The Bank of England must protect its independence December 7, 2018 Former chair of the US Federal Reserve Janet Yellen once said “the principle that a central bank should be independent from the government is unassailable.” Donald Trump probably thinks unassailable means you can’t sell it, but even if he understood Yellan’s point he seems determined to ignore it. His broadsides against Fed policy are quite [...]
Ted Baker appoints law firm Herbert Smith Freehills to probe hugging claims December 6, 2018 Fashion chain Ted Baker said this morning it has appointed law firm Herbert Smith Freehills (HSF) to investigate claims of forced hugging by its boss Ray Kelvin. The Ftse 250 chain’s shares have been battered since the news emerged that the fashion retailer has launched an internal investigation into harassment claims. In a trading update [...]