City A.M.’s bumper Autumn Statement preview December 3, 2013 As chancellor George Osborne gets set to unveil this year's Autumn statement on Thursday, we've pulled together all the expected announcements, and what others are hoping for. Ladbrokes have 11/5 odds on the speech to run for 45 to 50 minutes (it's scheduled to start at 11.15am). You'll get 6/4 odds on the speech running [...]
Big audit firms win reprieve after protests over tender rule change October 14, 2013 THE COMPETITION Commission will this morning reveal the final version of its plans to shake up the audit market, having rowed back from its original proposals to force firms to hear pitches from auditors every five years. The commission is expected to set out a longer timeframe for the so-called mandatory tender rules, which are [...]
Business loans up as recovery gets underway October 9, 2013 SMALL businesses are at last benefitting from improved loan availability and better interest rates, Bank of England data revealed yesterday. Banks are also witnessing increased demand from firms as confidence increases and encourages investment plans. A net balance of 8.5 per cent of banks saw demand for loans rising from small firms, compared with a negative [...]
Creditors see £11m losses after Modelzone collapse July 29, 2013 LENDERS and suppliers to defunct retailer Modelzone are owed almost £11m, after the chain collapsed into administration last month. According to a report from administrators Deloitte, more than £9m was owed to its lenders Lloyds Banking Group and Lloyds’ private equity division LDC at the point of administration. The retail chain, which had 47 UK [...]
City Moves for 23 August 2013 | Who’s switching jobs August 22, 2013 Kleinwort Benson The private banking and wealth management firm has appointed Gemma Woodward as head of charities. She has previously held various roles at Newton’s Investment Management, Lloyds Private Banking, and Henderson Global Investors Private Asset Management. Deloitte Mark Stephenson has joined the business advisory firm as head of its UK and Switzerland manufacturing industry practice. [...]
Equistone gives more seed cash to Whitworths September 11, 2013 PRIVATE equity firm Equistone has taken a majority stake in snacks and baking products firm Whitworths, in a deal that values the company at £90m. Equistone said its cash injection will be used to develop new products and scout out possible acquisitions to expand the business further. Whitworths, founded in 1886, has been owned by [...]
Funders need guarantees before they will invest in infrastructure September 18, 2013 BRITAIN is failing to build the infrastructure it requires because the government does not give enough clarity on what returns investors can expect, a new report will claim today. Private sector backers want to invest in new UK infrastructure but the government does not currently offer enough long-term assurances on the risks associated with individual [...]
Accountant RSM Tenon enters administration as part of sale to Baker Tilly August 22, 2013 Accountant RSM Tenon has entered administration as Baker Tilly is soon to acquire the firm's trading entitites (release) Given the scale of its debt the firm has had little choice but to declare itself insolvent, with three insolvency practitioners at Deloitte LLP appointed as joint administrators to the firm this morning. Immediately following their appointment, [...]
Deloitte helps pants to poverty pop-up shop December 18, 2012 One of Deloitte’s self-styled Social Innovation Pioneers, the ethical retailer Pants to Poverty, has opened a pop-up shop in Sloane Square for the Christmas period. It promises organically farmed stocking fillers, all the way from “cotton to bottom” by buying directly from 12,000 farmers in Southern India, who are provided with funding and education.
UK firms reject Bank forecast on rate increase September 29, 2013 FOUR out of five finance chiefs (CFOs) in the UK believe interest rates will rise well before the Bank forecasts, a new report reveals, throwing fresh doubt on the Bank of England’s new forward guidance policy. According to Deloitte’s survey of CFOs, 82 per cent believe that interest rates will rise by 2015, despite the [...]