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Business | Football clubs drive profits with brand focus

Top European football clubs are growing their operating revenues primarily by expanding their commercial activities, despite higher staff costs, according to analysis from KPMG which suggests clubs are positioning themselves as entertainment brands as much as sporting teams

17 Jan 2019

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Finance | KPMG advises Patisserie Valerie on ‘devastating’ fraud

Troubled high street café chain Patisserie Valerie has called in KPMG to help the company consider its options, after investigations found the accounting misstatements identified in October are much larger than originally estimated, with evidence of ‘devastating’ fraud and deliberate manipulation

17 Jan 2019

Financial Reporting

Restructuring & Insolvency

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Business | Historic defeat risks no-deal Brexit

With 10 weeks to go before the UK is scheduled to leave the EU the Prime Minister’s failure to win approval for the terms of her withdrawal agreement by a 230-vote margin, the worst government defeat in British history, has heightened the uncertainty businesses face

16 Jan 2019

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Business | Big Four global heads make top 100 CEO listing

Despite a turbulent year for the Big Four, which saw strong criticism for their executive teams from MPs, the public and the regulators, the CEOs of EY, Deloitte, PWC and KPMG all feature in a new study of the world’s 100 most reputable CEOs

16 Jan 2019

Accountancy Firms

Leadership & Management

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Business | Arjowiggins’ UK paper business folds up

FRP Advisory has been appointed as administrators of Arjowiggins Fine Papers, in a move which puts more than 500 jobs at risk at Stoneywood Mill in Aberdeenshire and other paper production facilities around the UK

16 Jan 2019

Restructuring & Insolvency

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Business | Interim managers appointed at animal charity

The Charity Commission has appointed interim managers to The Alternative Animal Sanctuary due to continued concerns about the governance and management of the charity

16 Jan 2019

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Business | Accountants look to invoice finance as client cash flow option

The majority of accountants are advising clients on potential sources of funding as their advisory role expands, although one in three cite a lack of knowledge about finance options as a barrier to making recommendations

15 Jan 2019

Accountancy Firms

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Business | FSB demands reform one year on from Carillion

The collapse of government outsourcer Carillion on 15 January 2018, which cost the taxpayer an estimated £150m, has prompted greater scrutiny of the outsourcing market and calls for a major reform from the Federation of Small Businesses (FSB)

15 Jan 2019

Accountancy Firms

Restructuring & Insolvency

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Business | 78% hike in fraud cases hitting courts

The number of fraud cases reaching courts in the UK rose by 78% in 2018 according to research by KPMG Forensic, which identified 453 cases with a total value of £1.2bn in its annual survey, and warns untested customs and tax arrangements post-Brexit could see levels rise further

15 Jan 2019

Accountancy Firms

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Business | Patisserie Valerie admits late payment issues

High street cake chain Patisserie Valerie, which is under investigation over accounting irregularities, has admitted it has problems over delays in payments to suppliers, after the business, energy and industrial Strategy (BEIS) select committee asked the company about its payment practices

14 Jan 2019

Restructuring & Insolvency

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Business | Government launches economic crime taskforce

The Home Secretary and Chancellor are to jointly chair a government taskforce which will work with senior figures from the UK financial sector to tackle economic crime, including fraud, bribery, corruption and money laundering, which is estimated to cost the UK at least £14.4bn annually

14 Jan 2019

Accountancy Firms

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Tax | VAT receipts threatened by Brexit

VAT receipts represent an increasing percentage of HMRC’s total tax take, suggesting the tax burden is increasingly being shifted to consumers, and increasing the risks to the tax base post-Brexit, according to research by UHY Hacker Young

14 Jan 2019

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Business | Calls to strengthen diversity pay reporting

MPs are keen to see more action on gender, ethnicity and executive pay reporting according to a survey by the Association of Accounting Technicians (AAT) which found widespread support for tougher regulation, and is calling for more reporting on action plans to reduce imbalance

14 Jan 2019

Leadership & Management

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Business | Bespoke furniture maker in administration

KPMG has been appointed to handle the administration of furniture manufacturer Godfrey Syrett Ltd, which has collapsed due to difficult trading conditions with the loss of over 200 jobs

14 Jan 2019

Accountancy Firms

Restructuring & Insolvency

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Business | Brexit hits demand for financial services

Demand for financial services fell for the first time in five years in final quarter of last year, rounding off three full years of flat or falling optimism, according to research by the CBI and PwC which cites Brexit and economic uncertainty as key factors

14 Jan 2019

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Finance | Winton: use and abuse of pre-packs to drop pension liabilities

Anne-Marie Winton, partner at ARC Pensions Law LLP, examines the pre-pack administration of publisher Johnston Press, which involved the abandoning of £109m in pension liabilities, and asks whether regulators should have greater control of this practice

14 Jan 2019

Financial Reporting

Law and Regulation

Accountancy Firms

Restructuring & Insolvency

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