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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| Merlin Packaging Limited, Elderglade Packaging Limited and John Baldwin Packaging Services Limited – in administration |
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19 April 2007 |
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Dominic Wong, David Langton and Andrew Peters of Deloitte were appointed as Joint Administrators of Merlin Packaging Limited, Elderglade Packaging Limited and John Baldwin Packaging Services Limited on 19 April 2007. The Group manufactures corrugated cardboard cartons, cases and boxes from 6 locations across the UK: Merlin Packaging Limited has a turnover of £18 million, trades from four locations - Glasgow, Gateshead, Stoke on Trent and Great Yarmouth - and employs 175 staff; Elderglade Packaging Limited has a turnover of £1.5 million and trades from Ilkeston, with 25...
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| Private equity suffers new year hangover in first quarter 2007 |
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12 April 2007 |
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After the record £9.3 billion of deals completed in the final quarter of 2006, completions for the UK private equity market have dramatically slowed in the first quarter of 2007, with only £3.4 billion in buyouts completed; the lowest quarter for three years according to CMBOR, the pre-eminent provider of analysis on the UK buy-out market founded by Barclays Private Equity and Deloitte. Tom Lamb, co-head of Barclays Private Equity, commented: “It is astonishing to see how little private equity completions there has actually been in the first quarter given the frenzy of press coverage surrounding a succession of high profile... |
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| A short stay of execution |
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05 April 2007 |
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Today’s decision by the Monetary Policy Committee to leave interest rates unchanged at 5.25% is a short stay of execution as it is extremely likely that interest rates will be raised to 5.5% next month. And interest rates may have to rise further thereafter. Admittedly, the immediate inflation outlook has improved in recent months. Although CPI inflation remained high at 2.8% in February, the recently announced cuts in gas and electricity prices that start to take effect this month will drag inflation back below the 2% target rate by the summer. What’s...
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| Deloitte hires two new pension partners |
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04 April 2007 |
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Deloitte, the business advisory firm, has today announced the appointment of Andy Green as a partner in its pension consulting team. Andy was previously a worldwide partner and Director of European Investment Consulting with Mercer Investment Consulting. He will lead Deloitte’s rapidly expanding pension investment consulting business. Andy’s arrival follows that of Paul Geeson who joined Deloitte’s pension team as a partner in February. Prior to joining Deloitte, Paul was a principal of Punter Southall and leader of their Transaction Services business. His focus will continue to be on the M&A market, working with David Robbins to... |
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| Deloitte Profitability Monitor – 2006 Q4 |
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03 April 2007 |
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Our regular assessment of the current state of the profitability of British business and the economic factors influencing its prospects for the future, prepared by Roger Bootle, Economic Adviser to Deloitte.The strong corporate profitability seen at the end of last year is set to continue this year on the back of falling energy prices and the recent increase in firms’ pricing power. And crucially, last year’s pick-up in investment shows that firms have become more willing to spend these extra profits. The net rate of return (profits relative to the capital stock) in the...
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| Deloitte to double securitisation team to meet demand |
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03 April 2007 |
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Deloitte, the business advisory firm, has announced today the appointment of three senior positions within their securitisation group. Louise Gill, Clare Randall and James Brighton have joined from KPMG as senior managers in the practice. The new hires will further strengthen the existing senior team of Dan Keeble, Simon Stephens and Kim Scerrato. David Barnes, partner in charge of Securitisation at Deloitte, commented: "We continue to build our practice by responding to market demand and ensuring we continue to offer the best service to our clients. Louise, James and Clare bring a wealth of knowledge to our team and will help us... |
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| Hoteliers most impacted by budget announcement on capital allowances |
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30 March 2007 |
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In the Budget on Wednesday 21 March the Chancellor announced a reform of the capital allowances regime, which is likely to have a significant impact on the hotel industry - and will certainly outweigh the drop in the headline rate of corporation tax to 28%. The key changes include: Phased withdrawal of hotel buildings allowances over the next four years. No draft legislation is available as yet, however, it has been confirmed that there will be a straight line reduction in the availability of hotel building allowances ultimately expiring in 2011; Reduction in the rate of...
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| Pensions deficit hits new low |
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30 March 2007 |
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The total deficit for the final salary pension plans of the UK’s top 100 companies is currently £21 billion according to actuaries at Deloitte, the lowest deficit for more than five years. Deloitte estimate that 25% of the UK’s top 100 companies now have a surplus in their schemes relative to the value of their accounting liabilities. The first 3 months of 2007 have been a rollercoaster ride for pension scheme deficits. In the last week of February, deficits rose by £20 billion as world stock markets fell dramatically. However, a combination of a recovery in the stockmarket and a fall in the price of the bonds has reduced deficits... |
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| William Grant and Mars in £4m House of Lords victory |
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28 March 2007 |
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The House of Lords today ruled unanimously in favour of William Grant, the whisky distiller and Mars, the global confectionary, beverages and pet food company in their dispute with HM Revenue & Customs (HMRC). The decision is a triumph for the application of modern accounting practice for tax purposes and will have a considerable impact on the tax liabilities not just of the two companies, but of a number of large manufacturing businesses waiting upon the outcome of the case. Mark Stephenson, tax partner at Deloitte with responsibility for manufacturing in the North West, comments:
“The subject of the dispute - depreciation... |
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| Risk Management at Financial Services Firms: progress made, but more work remains to be done |
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26 March 2007 |
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Deloitte Survey: While More Boards of Directors Responsible for Risk Management Oversight, Added Focus Needed on Less Traditional Risks. As risk management receives heightened scrutiny in financial institutions’ boardrooms, additional investment and management attention is needed, according to the fifth edition of Deloitte’s global risk management survey. While executives at financial services firms rated their risk management processes as extremely or very effective in the areas of market, credit and liquidity risk (each... |
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