Five key takeaways from the FRC’s audit sector report October 8, 2018 The Financial Reporting Council (FRC), the audit sector’s watchdog, released its annual Developments in Audit report yesterday, outlining key challenges faced in the sector and assessing the current state of the profession. Audit is under close scrutiny at the moment, as politicians and regulators look closely at the dominance of the Big Four audit firms Deloitte, [...]
Harrods to increase in-store investment after customers spent £2.1bn last year October 8, 2018 Harrods will increase investment in luxury boutiques at its Knightsbridge store after defying the retail environment with a 9 per cent profit rise. The luxury department store posted profits after tax of £176.7m, up nearly 9 per cent on the previous year's £162.5m. More than £2.1bn was spent at Harrods in the year ending 3 [...]
Facebook triples its UK tax bill to £15.8m October 8, 2018 Facebook paid £15.8m in UK tax last year, tripling the amount it paid in 2016 as tech firms come under increased scrutiny by HMRC. Accounts filed last week on Companies House revealed the social media giant's profits for its UK office, which covers expenses on marketing, sales and engineering support, rose 6.3 per cent to [...]
House of Fraser partner threatens legal action over store’s debt against administrators EY October 8, 2018 A House of Fraser concession partner is considering legal action against the company’s administrator EY, claiming its classification of his business will cost him hundreds of thousands of pounds. Ehab Shouly, who runs three tea rooms in House of Fraser stores, says he is owed over £300,000 from the company – the equivalent of two [...]
French Connection founder Stephen Marks could sell 42 per cent stake, company confirms October 8, 2018 The founder of French Connection is looking to sell, 46 years after creating the fashion brand, the company has confirmed. Stephen Marks is looking to offload his 42 per cent shareholding and has started approaching potential buyers. The company said it is “currently reviewing all strategic options in order to deliver maximum value for its [...]
French Connection chief seeks to sell off controlling stake October 6, 2018 French Connection founder Stephen Marks is sounding out potential buyers for his controlling stake in the retailer, it emerged today, in a deal which could trigger a takeover of the whole business. Advisers from Numis Securities, acting on Marks' behalf, have been speaking to prospective bidders this week about the 42 per cent shareholding, sources [...]
Focus On Blackheath: New development is thin on the ground in this quintessential London village October 5, 2018 T here’s a lot of development going on in South East London, but you won’t find it in Blackheath. This little enclave is on the borders of Greenwich, Kidbrooke and Lewisham, which are all undergoing Joan Rivers-level facelifts in the next few years, but there’s nothing going on in Blackheath by comparison. Housebuilding behemoth Berkeley [...]
Focus On St John’s Wood: Why the genteel life on offer in this north west London village has endured for over a hundred years October 5, 2018 The rapid gentrification of the grottier parts of London has dominated the capital’s housing chat over the last few years. Everyone loves a rags to riches story, but as boring as it sounds, there are some parts of London that have always been, well, lovely. St John’s Wood is one of those places, a north [...]
Buyer’s market: UK house prices post biggest fall since April as mortgage approval rates rise October 5, 2018 UK house prices saw their biggest fall in five months in September, while price increases compared to the same period in 2017 slowed to a three-month low. Figures from Halifax today showed the standard average house price in the UK fell to £225,995 in September, down from £229,284 the month before. This was also only [...]
Ted Baker share price slides as profits fall amid ‘challenging’ high street October 4, 2018 Profits dropped at fashion house Ted Baker today as it blamed “challenging trading conditions”, with no let up expected for the latter half of the year, sending shares sliding around 12 per cent in early morning trading. Read more: Moss Bros issues profit warning The figures Ted Baker saw profits before tax dip 3.2 per [...]