Listed below are our UK press releases, providing an overview of our activities and opinions over the last 18 months. Our most recent press releases can be found at the top of the page.
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| MPC may need to be more aggressive |
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08 May 2008 |
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- By deciding not to cut interest rates today, the Monetary Policy Committee risks presiding over the deepest and longest economic downturn since the recession of the early 1990s. It will, I am confident, eventually cut rates dramatically – but too late to prevent the economy from flirting with recession.
- It is becoming more and more obvious that the economy is in serious trouble. While the Bank of England’s “Special Liquidity Scheme” may go someway to solving the problems in the financial markets, it is clear that substantial damage to the real economy has already been done.
- Mortgage lenders are raising their rates and...
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| Rock group plc appoints administrators |
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08 May 2008 |
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Dominic Wong and David Langton of Deloitte were appointed as Joint Administrators of Rock Group Plc on 8 May 2008.
The Rock Group is a manufacturer and retailer of high performance laptop computers aimed at the gaming sector. It is based in Warwick, has a turnover of approximately £5 million and employs approximately 25 staff.
The failure of the company is partly attributed to the cash flow difficulties as a result of stock misappropriation by a former employee. This led to suppliers reducing credit limits, further adversely impacting upon cash flows.
Dominic Wong, Joint Administrator, said: “The Rock... |
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| Wealth managers losing client trust |
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08 May 2008 |
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A report on the wealth management industry published by Deloitte, the business advisory firm, has highlighted a growing disconnect between high net worth individuals and the wealth management industry. Calum Thomson, Head of Wealth Management at Deloitte, commented: “The European wealth management industry has been the darling of financial services, achieving around 25% returns on equity after tax. With the economic environment in a much less favourable state, the big question is ‘Has the industry put the good times to best use?’ Unfortunately, our research shows that not all wealth managers can claim to have... |
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| Mind the gap |
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06 May 2008 |
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In the latest issue of the Deloitte Economic Review, our Economic Adviser, Roger Bootle, considers how the UK’s large current account deficit will unwind and what impact this will have on the wider economy. His main points are as follows:- Any correction of the UK’s large current account deficit will be extremely painful for the wider economy, involving a prolonged period of very weak domestic growth. The UK economy will grow by just 1% next year, eventually prompting the Monetary Policy Committee to cut interest rates all the way to 3.5%, if not lower.
- The significant widening in the UK’s current account deficit by...
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| UK hotel industry sees revPAR fall in the first quarter of 2008 |
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04 May 2008 |
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The UK hotel industry witnessed a fall in revenue per available room (revPAR), down 0.5% during the first quarter of 2008, according to latest results from the HotelBenchmark™ Survey by STR Global. Deloitte, the business advisory firm has analysed the results and while hotels in the capital saw a healthy increase in revPAR, across the regions, revPAR did not look as healthy. In London, growth was driven primarily by a 5% increase in average room rates, which remain the highest in the UK at £124. Although occupancy fell to 76.9%, the capital reported a revPAR increase of 3.4%. Even though growth was solid, it has slowed considerably... |
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| Retailers prepare to offer bargains as Bank Holiday weekends approach |
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02 May 2008 |
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Tarlok Teji, head of retail at Deloitte, comments on the added significance of this year's May Bank Holidays to UK retailers. "May is traditionally a good month for retail. The two Bank Holiday weekends provide additional dates when consumers can head for the high street and certain sectors, particularly DIY, Homeware and Gardening tend to fare well. However, UK retailers have cause to be slightly nervous as we head into the first of the Holiday weekends.” The economic outlook is uncertain and a number of pressures are exerting themselves on consumers spending power. Food prices have been increasing for the last 12 months or... |
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| Developing a high performance culture within T-mobile earns Deloitte a MCA Management Award |
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02 May 2008 |
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Deloitte, the business advisory firm, has won the top award in the human resources category at the 2008 Management Consultancies Association (MCA) Management Awards for its work in helping T-Mobile build a high performance leadership team, and culture. Deloitte was also a finalist in the innovation category for an extensive project undertaken for Cornwall County Council to transform and radically improve the services it provides to children. David Owen, head of consulting at Deloitte said: “We’re very proud of the results we achieved on these projects and grateful to the hard work of all of our staff to ensure they were successful.... |
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| Championship clubs chase £60 million prize |
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02 May 2008 |
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The Football League Championship Play-Off Final on 24 May will again represent the biggest financial prize in world football, worth around £60m. Given there are eight Championship clubs (in addition to West Bromwich Albion) still chasing promotion, the final fixtures on Sunday promise drama and tension on the pitch, on the terraces and in the boardroom. Paul Rawnsley, Director of the Sports Business Group at Deloitte, commented: “The financial prize for promotion to the Premier League will provide each promoted club with at least £35m of additional revenue in 2008/09. In addition, even if a club is relegated after one year at the top... |
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| Deloitte voted Professional Services Firm of the Year by BVCA and Real Deals Private Equity Awards 2008 |
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01 May 2008 |
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Deloitte, the business advisory firm, has been voted ‘Professional Services Firm of the Year’ by the British Venture Capital Association (BVCA) and Real Deals Private Equity Awards. Deloitte was voted for this prestigious award by peers in the industry, which noted Deloitte’s growth record, innovative service offering and the quality of its deal record. Timothy Mahapatra, Head of UK Transaction Services at Deloitte, commented: “In Europe we have enjoyed sustained private equity growth, both in revenue and resource, averaging 40% per annum over the past 4 years. Revenue from our largest 10 clients has grown... |
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| Sound Control Group appoints adminstrators |
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30 April 2008 |
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John Reid and Bill Dawson of Deloitte, the business advisory firm, have been appointed Administrators of Sound Control Holdings Limited (“Holdings”) and certain of its subsidiaries (“the Group”) following applications to the courts by the Group’s Directors. The Group operates from 26 stores across the UK, under the brand names Sound Control, Media Tools, Turnkey and Soho Sound House, and is the largest musical instrument retailer in the UK. It has a turnover of £50m and 338 employees nationwide. The Group has been impacted by increased competition from the internet and the directors had been pursuing a strategy to sell the... |
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