Former BHS owner Dominic Chappell fined for breaching pensions law December 14, 2018 Dominic Chappell, the former owner of collapsed retailer British Home Stores, has been fined almost £124,000 for breaking pensions law after the troubled department store fell into administration. Judge Christine Henson QC, who presided over today's re-sentencing at Hove Crown Court, criticised Chappell for showing a "complete lack of remorse". He was ordered to pay [...]
Report into audit sector commissioned by John McDonnell calls for break-up of Big Four December 14, 2018 A report into the audit sector commissioned by shadow chancellor John McDonnell has called for the break-up of the Big Four audit firms. The report, published today, recommended that the audit business of accounting firms must be legally separate from everything else and says it should be a criminal offence for auditors to perform non-audit [...]
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 [...]
Private firms should embrace this new chapter of governance December 11, 2018 Up until now, privately held companies of all sizes have largely been left to their own devices as far as governance is concerned. With the main UK Corporate Governance Code only applying to firms traded on the London Stock Exchange, private companies could broadly avoid letting the sunlight into their internal practices. But this state of [...]
Former BHS boss Dominic Chappell to be sentenced next week for failure to help Pensions Regulator December 6, 2018 Former BHS boss Dominic Chappell is to be sentenced next week for failing to provide information to the Pensions Regulator regarding the sale of the troubled department store. Chappell will be sentenced for three counts of breaching Section 72 requests for information from the regulator into the sale of BHS by Philip Green to Chappell for just £1 in 2015. [...]
Mike Ashley acquires Intu property despite row with retail landlord over House of Fraser stores November 30, 2018 Mike Ashley has acquired a new property from Intu despite a public bust up with the retail landlord in which he threatened to withdraw 17 of his stores from their shopping centres. The billionaire has bought a long leasehold on the former BHS site in Derby from Intu, according to the Press Association. It comes just two [...]
Crazy golf club Swingers tees up multimillion-pound investment as it prepares for US expansion November 25, 2018 London-based crazy golf club Swingers has received multimillion-pound funding from a private investment firm as the popularity of competitive leisure activities continues to grow. Cain International today announced it has made a “significant investment” in the golf club’s parent company Competitive Socialising, which it said would allow the leisure brand to open new venues in the US. [...]
Beyonce buys out Ivy Park clothing brand from Topshop billionaire Sir Philip Green November 15, 2018 American singer Beyonce has severed ties with embattled Topshop billionaire Sir Philip Green by buying out his share in their fashion label Ivy Park. Beyonce and Sir Philip launched the gymwear venture in 2016 and the label is sold in Topshop, which is owned by Green’s retail empire Arcadia. But the global pop star has withdrawn [...]
Asset managers back Big Four audit firms in competition watchdog consultation November 15, 2018 Investment management firms have called on the competition watchdog to ensure the quality of audit is not affected as it probes the dominance of the so-called Big Four firms. In a response to the Competition and Markets Authority Standard Life said the division of the dominant audit firms – PwC, Deloitte, KPMG and EY – [...]
Arcadia concessions to be hit by Debenhams store cuts in latest blow to Sir Philip Green October 28, 2018 Hundreds of Arcadia concession stores are under threat after Debenhams revealed proposals to close 50 branches as part of a cost-cutting bid, in another blow for retail tycoon Sir Philip Green. It comes after Topshop boss Green was named in parliament by Lord Peter Hain as the businessman that blocked The Telegraph reporting on allegations of sexual harassment and [...]