KPMG was charged with a £14.4 million fine on Thursday, after the Big 4 accounting group was brought to tribunal over claims related to an investigation by the Financial Regulations Council (FRC) opened in 2018 over the company’s 2016 audit of defunct outsourcing firm Carillion. Carillion collapsed in January 2018 with £7 billion in debt, […]

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Firm planning move from Canary Wharf headquarters KPMG will reduce the pay of its partners by 11% to alleviate the impact of the coronavirus pandemic.  The financial services company also expects to downsize a number of its offices including its Canary Wharf headquarters.  KPMG announced today that its profit fell by 6% to £288m from […]

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High street coffee shop chain Caffé Nero has launched a Company Voluntary Agreement (CVA) amid a major restructuring drive as the firm battles to avoid job losses and store closures. The impact of the Covid-19 pandemic has reportedly “decimated trading”, and that despite surviving the first lockdown, the current firebreak has forced the chain to […]

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The UK’s “Big Four” largest consultancy firms (KPMG, PwC, Deloitte and EY) have been told by industry regulators, the Financial Reporting Council (FRC), that they must submit plans to ring-fence their audit and consultancy units by this October in a historic shake-up of the sector. A precarious market Following the high-profile collapse of companies such […]

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Shopping centre landlord Intu (LON:INTU) saw its shares go into free-fall as it announced on Friday that it had put KPMG administrators on standby. It follows the company’s failure to reach a ‘standstill’ agreement with its lenders, which it had hoped to have achieved by Wednesday. The company operates 17 major shopping centres around the […]

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On Thursday, legal firm Harcus Parker announced it had sent a letter before action to AIM-listed tech company Watchstone Group PLC (LON: WTG) – previously Quindell – on behalf of the Company’s shareholders, who lost money as a result of Quindell’s alleged misinformation. Elsewhere in the tech sector; AdEPT Technology Group PLC (LON: ADT) and […]

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In what seems like an eclectic nightmare, Patisserie Holdings Plc (LON:CAKE) face yet another complication in their saga of mismanagement and alleged fraud. The Financial Reporting Council (FRC) have announced they will be examining Patisserie audits carried out by Grant Thornton between 2015 and 2017. This news comes shortly after Patisserie Valerie called an emergency […]

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