Big four tax bosses defend their firms during grilling from MPs January 31, 2013 TAX heads at the big four accountancy firms clashed with MPs yesterday over their role in helping large companies to reduce their tax bills. Margaret Hodge, who chairs the public accounts committee, called for PwC, KPMG, Deloitte and Ernst & Young to be banned from doing work for the government in light of the loopholes [...]
Jessops falls into administration January 9, 2013 High-street camera specialist Jessops became the latest casualty of the high street today and filed for administration. PwC has been appointed as administrator for the camera specialist, which has 192 stores and around 2,000 employees in the UK. PwC said that Jessops had seen a significant decline in its core marketplace in 2012, and forecasts [...]
Anti-trust body to rule on audit work this week February 18, 2013 THE Big Four accounting firms will learn this week whether the UK Competition Commission plans to shake up the industry to give smaller challengers a better shot at winning audit work. KPMG, PwC, Ernst & Young and Deloitte, which together audit all but a handful of Britain’s biggest firms, have told the commission that the [...]
UK businesses hit by jump in VAT and job tax January 21, 2013 BRITISH businesses are seeing their tax bills stay high despite George Osborne’s pledge to cut corporation tax, as the chancellor has simply increased other charges on the firms, according to a PwC study out today. That means the government is not increasing the UK’s appeal as a competitive place to do business as much as [...]
Competition body slams audit firms February 22, 2013 THE COMPETITION Commission will this morning find that the Big Four accountancy firms have too much control over the industry, and call for measures to encourage Britain’s largest companies to change auditor regularly to boost competition. In its long-awaited provisional report, the commission is expected to find no evidence of collusion, but will raise concerns [...]
Ferrari races to all-time record of 7,318 car sales despite crisis February 18, 2013 AUTOMOTIVE icon Ferrari shifted up a gear in 2012 despite a troubling world economic climate, boasting its best ever sales. The legendary carmaker enjoyed record sales in the US, Germany, China and the UK, selling 7,318 road cars – 4.5 per cent up on 2011 – and turning over €2.43bn (£2.1bn). And despite poor economic [...]
Jessops latest firm to call in administrators January 9, 2013 JESSOPS the specialist camera chain yesterday became the first major retailer of 2013 to collapse into administration, as analysts warned 140 retailers were at risk of following in its footsteps. PwC, which was appointed administrator, said it was now in eleventh hour talks to save the 192-store business but warned closures were inevitable, putting more [...]
Jessops brand eyed by Hilco January 23, 2013 HILCO emerged yesterday as the front runner to buy the brand of collapsed camera chain Jessops. The retail restructuring firm, which bought HMV’s debt from its lenders on Tuesday, is understood to be mulling a plan to open Jessops concessions in HMV’s stores. Administrators PwC have received around half a dozen expressions of interest for [...]
London black cab maker bought by China’s Geely February 1, 2013 Black cab manufacturer Manganese Bronze has been bought by China’s Geely Automobile Holdings, its administrator said this morning, in a deal thought to be worth around £11m. PricewaterhouseCoopers said the deal will safeguard the production of the iconic taxis in the UK. Chinese Geely, which owns 20 per cent of the firm, said this morning [...]
Kingfisher puts B&Q’s Ireland unit into bankruptcy protection January 31, 2013 B&Q IRELAND was placed into a form of bankruptcy protection yesterday in a last-ditch attempt to save the loss-making chain. The company, which is owned by FTSE 100 group Kingfisher, operates nine stores in the Republic of Ireland but has been hit by the downturn in household spending. It has also failed to renegotiate rents [...]