Practice & Industry

Insight / Covid-19: Grant Thornton makes cuts and forecasts 20% profit drop

Grant Thornton has cut the pay and hours of some 300 employees ahead of an anticipated 20% drop in profits at the firm, which earlier in the pandemic sought volunteers to work reduced hours or opt for a short-term sabbatical

Insight / Half a million businesses in distress pre-Covid

The number of businesses experiencing significant financial distress passed the half million mark for the first time by the end of March, as the coronavirus pandemic took hold, according to research by Begbies Traynor

Insight / Covid-19: loan guarantee scheme extended to cover all larger firms

The  government-backed loan scheme for large businesses affected by coronavirus has been expanded to cover all viable firms, the Chancellor has announced

Insight / Quantuma acquires insolvency specialist Bell Advisory

The acquisition of Bell Advisory marks Top 75 firm’s second deal in a month as Quantuma continues on acquisition trail

Insight / EY cuts partner pay by 20% to prevent furloughing staff

EY is the second Big Four firm to cut partner pay by 20% as a ‘prudent’ measure in the face of the covid-19 situation, but it says it hopes to avoid making redundancies or putting staff on furlough, reports Pat Sweet

Insight / Alvarez & Marsal administrators to ailing NMC healthcare group

Troubled FTSE 100 healthcare company NMC, which suspended trading in its shares following the discovery of accounting irregularities earlier this year, has gone into administration following action by a major creditor, which has also brought a criminal legal challenge

Insight / Smith & Williamson merger with Tilney threatened by covid delay

Smith & Williamson’s plans to merge with wealth manager Tilney – due to complete this week – have been derailed by the coronavirus crisis, and difficulties in agreeing a new structure with the Financial Conduct Authority (FCA), with the terms of any deal now unlikely to be finalised before the end of next month, reports Pat Sweet

Insight / BDO furloughs 700 and cuts partner pay by 25%

BDO is the latest major accounting firm to use the furlough rules to temporarily lay off 700 staff, freeze the quarterly dividend and cut partners’ monthly pay by 25%. Sara White reports

Insight / Deloitte freezes salaries, defers partner payouts

Big Four accounting giant Deloitte has confirmed plans to defer partner profit distribution payments and freeze the annual firm-wide salary increase for all staff, but will make partner promotions, in light of covid-19 situation, reports Sara White

Accounting / FCA remodels business plan to address coronavirus challenge

The Financial Conduct Authority (FCA) has torn up its original business plan for next year and published a shorter, sharper version, setting out the regulator’s priorities for the year ahead given substantial impact of the challenges presented by the coronavirus pandemic

Insight / Fashion groups Oasis and Warehouse go into administration

High street fashion chains Oasis and Warehouse have become the latest retail casualties during the coronavirus crisis, appointing Deloitte to handle the group’s administration, which has seen 200 redundancies and 1,800 employees furloughed

Insight / Covid-19: more lenders accredited for small business loan scheme

Coutts, the Queen’s bankers, and four other lenders have been added to the British Business Bank list of over 40 lenders accredited under the coronavirus business interruption loan scheme (CBILS), designed to provide support for smaller businesses hit by the impact of the pandemic

Insight / Covid-19: what's the exit strategy?

As accountancy firms adapt to the new way of working under the lockdown, there is growing concern about the lack of a government exit strategy. Philip Smith talks to a selection of accountancy firms about remote working, staff wellbeing and crises of conscious over whether to take the furlough aid

Insight / Q&A: is there any help for owner managers of limited companies?

For owner managers of limited companies, covid-19 is a minefield as government emergency financial support seems to miss these two million potential beneficiaries. Stephen Relf CTA FCA and Martin Jackson ATT, Croner-i, explain the limited options available

Insight / EY snaps up boutique R&D tax specialist

Big Four firm EY has acquired Breakthrough Funding Ltd, a 20-strong research and development (R&D) tax specialist for the SME sector based in Kent