News coverage for KPMG

KPMG Names David McCorquodale As New Head of Retail

KPMG has announced the appointment of David McCorquodale as the new UK head of retail at the firm. David has been with KPMG since 1984 and is one of the founders of the firm’s corporate finance business, advising listed and private companies on divestitures, acquisitions and fund raisings. He currently leads the firm’s European retail [...]

iPhone 5′s Biggest Frustration: ‘Lack of NFC Chip for Mobile Payments’

iPhone 5′s Biggest Frustration: ‘Lack of NFC Chip for Mobile Payments’

Much to the disappointment of mobile payment proponents, Apple’s iPhone 5 has completely trashed the inclusion of near field communications (NFC) chip that would have turned the device into a digital wallet. Tudor Aw, KPMG’s European Head of Technology, described the latest generation of the device as rather “iterative development” than a “revolutionary” one. “Most [...]

MF Global Administration Updates

MF Global Administration Updates

There is substantial activity in progress, in numerous work streams, on the MF Global UK special administration. Nearly 80% of client statements have now been issued following the more than £130,000 payments made to customers of MF Global UK Limited through the Financial Services Compensation Scheme (FSCS). The FSCS sent application forms for compensation to [...]

Firms to Enrol Employees in Pension Scheme

From 1 October 2012, all employers will be required by law to enrol eligible employees into a qualifying pension scheme. Auto-enrolment duties are being phased, based on the size of employer – starting with those with more than 120,000 employees on 1 October 2012. The company will need to pay minimum contribution levels (starting at [...]

Carmakers Driving UK Economy Back to Recovery – KPMG

Coming quickly on the heels of the promising UK new car sales figures last week, UK car production rose 15.6 percent in January 2012 on the back of strong demand for cars made in the UK and exports to developing economies such as China, a KPMG partner said. “This raises hopes that 2012 could be [...]

KPMG Signs Up to Deal with the Institute for Family Business

KPMG has entered into a strategic alliance with the Institute for Family Business (IFB). The new partnership will see KPMG’s family business team work alongside the association in a programme of educational and networking events for member organisations. Gary Deans, Head of Family Business for KPMG in the UK said: “We are delighted to have [...]

MF Global UK Special Administrators Make First Interim Distribution Payment

MF Global UK Special Administrators Make First Interim Distribution Payment

The joint special administrators of MF Global UK have confirmed that they started making interim distribution payments to those with agreed client money claims on Friday 10th February. The first wave of settlements affects up to 600 clients with estimated claims of $12m, with a second wave of settlements starting from next week, affecting another [...]

Discounting Drive Has Knock-on Effect on Inflation

Whilst the fall in headline inflation reflects the continued easing of fuel and energy prices, it is also a consequence of the deep discounting drive undertaken by retailers in the lead up to Christmas, which saw prices of goods drastically cut, said KPMG’s head of retail on the latest UK inflation figures from the Office [...]

‘Employee Ownership Is Key to Success but Not the Only Way to Unlock a Door’ – KPMG

‘Employee Ownership Is Key to Success but Not the Only Way to Unlock a Door’ – KPMG

KPMG has welcomed suggestions that employers should offer ‘ownership’ as a way of incentivising staff, but suggests that altering business models is only one way to drive performance. Robert Bolton, People & Change Partner at KPMG, said: “Too often, what someone earns is indistinct from the results they achieve, but if reward is intrinsically linked [...]

Coffer Peach Business Tracker Big December Sales Boost for Pub, Restaurant Chains

Coffer Peach Business Tracker Big December Sales Boost for Pub, Restaurant Chains

Britain’s leading pub and restaurant groups enjoyed a major sales boost over Christmas and New Year. Collective like-for-like sales for the month of December were up 9.9% on the same period last year, with total sales, which include the effect of new openings, ahead 13.7% on December 2010. The figures come from the Coffer Peach [...]

David Hansell Joins KPMG

Former US Department of Health and Human Services Assistant Secretary, David Hansell, has been appointed as head of KPMG’s global Human/Social Services practice. Mr. Hansell most recently led the Administration for Children and Families (ACF) within the US Department of Health and Human Services (HHS), serving as Acting Assistant Secretary and Principal Deputy Assistant Secretary. [...]

Peacocks’s Stores Limited Calls in KPMG Administrators

Peacocks’s Stores Limited Calls in KPMG Administrators

Richard Fleming, Chris Laverty, Ed Boyle and Joff Pope of KPMG have been appointed joint administrators to Peacock’s Stores Limited, The Peacock Group Plc, Peacocks (Nantgarw) Limited, Dorsman Estates Co Limited and Henson No.4 Limited, which together make up the high street budget fashion retailer trading as Peacocks. The Peacocks business operates around 611 stores [...]

Past Times Calls in KPMG Administrators

Past Times Calls in KPMG Administrators

Howard Smith, Mark Firmin and Joff Pope of KPMG’s Restructuring practice were appointed joint administrators to gift retailer Past Times on 16 January 2012. The loss making high street business is a casualty of difficult trading conditions for the retail sector, which has seen discretionary spend fall as consumer confidence declined during the last year, [...]

With New Penalties Coming in, Missing Self-assessment Deadline Could Be Expensive, KPMG Warns

With New Penalties Coming in, Missing Self-assessment Deadline Could Be Expensive, KPMG Warns

With HMRC bringing in new penalties for late submission of self-assessment tax returns, missing the deadline could prove very expensive, KPMG in the UK has warned. “Even those who have no tax to pay will face fines of at least £100 for being just one day late – this could increase to £1,000 if returns [...]

Evolution of Retailing Cannot Be Stopped – KPMG

Evolution of Retailing Cannot Be Stopped – KPMG

Following the release of the Portas Review on the future of high streets in the UK late last year, the KPMG/Ipsos Retail Think Tank (RTT) has warned that it is virtually impossible to halt the natural evolution of the retail sector, despite welcoming many of the report’s recommendations. Of all of Mary Portas’s 28 recommendations, [...]

Interim Distribution of MF Global Client Monies Eyed in Few Weeks

Interim Distribution of MF Global Client Monies Eyed in Few Weeks

Richard Fleming, Richard Heis and Mike Pink of KPMG LLP, the Joint Special Administrators of MF Global UK Limited, have released an update following the creditors’ meeting on the progress made in the special administration to date, including a statement on the interim distribution of client monies. Over 800 representatives of creditors and clients attended [...]

Permanent Placements Fall for 3rd Month Running in December

Permanent Placements Fall for 3rd Month Running in December

Recruitment consultants have signalled a drop in the number of people placed in permanent jobs for the third successive month in December, according to consulting and accounting firm KPMG. The rate of contraction was at a similar modest pace to that seen in November. While temp billings also down, agencies’ billings from the employment of [...]

KPMG Strengthens Senior DC Pensions Advisory Team

KPMG Strengthens Senior DC Pensions Advisory Team

KPMG has strengthened its specialist defined contributions pensions advisory team, with the appointment of Andy Seed as a director. Andy joins from Deloitte where he recently led the London benefit advisory team. Prior to that he worked with Mercer in their pensions consulting and business development teams. Based primarily in London, he will take on [...]

Alshaya Acquires La Senza UK’s Stores, Saves 1,100 Jobs

Alshaya Acquires La Senza UK’s Stores, Saves 1,100 Jobs

KPMG joint administrators to La Senza UK have completed an agreement to sell part of the business to Alshaya UK Limited, part of the Alshaya group of companies, an international retail franchise operator based in Kuwait. Alshaya have acquired 60 of La Senza UK’s stores, securing around 1,100 jobs in the UK. La Senza UK [...]

KPMG Europe LLP Revenues Rise to €4,589m

KPMG Europe LLP Revenues Rise to €4,589m

KPMG Europe LLP (‘ELLP’), the professional services firm providing audit, tax and advisory services, reported that combined turnover grew by 13 percent to reach €4,589 million in the year to 30 September, 2011 (2010: €4,065 million). On a like-for-like, pro-forma basis and at constant exchange rates, revenues were up 5 percent to €4,718 million (2010: [...]

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