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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| Restructuring announcement – Golden Key Ltd (In Receivership) |
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14 May 2008 |
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Golden Key Ltd. (in receivership) (the 'Company') acting through and by its receivers, Mark Adams, Neville Kahn and Nicholas Dargan each of Deloitte & Touche LLP (the 'Receivers'), has today announced that it has reached agreement with Goldman Sachs International on non-binding heads of terms for the restructuring of the Company, which shall include the sale of the entire investment portfolio held by the Company. The heads of terms envisage that certain reinvestment opportunities will be offered to senior creditors of the Company. The restructuring contemplates senior creditors of the Company electing one of the following options: (i)... |
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| 78% of manufacturers view sourcing products in emerging markets as risky, according to a new Deloitte report |
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14 May 2008 |
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More than three-quarters (78%) of global manufacturing executives believe that sourcing products in emerging markets presents a real risk to their business, according to a new study from Deloitte Touche Tohmatsu’s Global Manufacturing Industry Group. A year of high profile product recalls has seen product safety, product quality and environmental standards in emerging markets rise up the boardroom agenda.
The importance given to risk at a senior level within manufacturers is increasing. 49% of executives from developed market manufacturers report that the issue of product quality is viewed as ‘much more important’ by their... |
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| Deloitte names UK partner as EMEA head of tax |
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13 May 2008 |
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Deloitte, the business advisory firm, has named David Sproul as its head of tax for the EMEA region with immediate effect. David, head of tax for Deloitte in the UK, is a member of the UK firm’s executive management team and board, and the global tax executive. Alberto Terol, global head of tax at Deloitte, commented: “David has significant experience providing strategic, tax and transaction services to a wide range of multinational businesses, including some of our largest and most important global tax clients. “I am delighted that David has agreed to take on this role in addition to his UK responsibilities. His... |
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| Cost of financial services regulation still rising yet institutions missing opportunity to gain competitive advantage |
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12 May 2008 |
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The world’s leading 100 financial institutions have seen their expenditure on regulation and compliance rise by more than 30% in the past three years to an estimated £28 billion (US$56 billion) in 2007, according to a new report by Deloitte, the business advisory firm.
Deloitte believes that the cost of regulation is yet to peak and predicts that the governance and control bill for the world’s largest 100 financial institutions could hit £50 billion (US$100 billion) by 2010. This is even before the cost of any new regulation introduced in response to the current credit crisis.
However, a new report by Deloitte... |
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| Credit crunch increases investor activism |
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12 May 2008 |
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- Investor relations professionals confirm investor activism on the up
- Over half state investors are increasingly short-termist
A survey of investor relations professionals, conducted by Deloitte, the business advisory firm, has shown that investors are becoming more active as a result of the credit crunch.
Commenting on the survey results, Deloitte Partner and Vice-Chairman, Margaret Ewing said: “As the credit crunch bites, investor relations professionals are feeling the knock-on effects of increased demands of fund managers to deliver quick returns. UK listed companies are trying to steer their... |
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| UK airlines start to value landing slots as assets on balance sheets |
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12 May 2008 |
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Deloitte is expecting that certain UK airlines will start to value all of their landing slots as assets on their balance sheet annual results. Commenting on the move, Graham Pickett, aviation partner at Deloitte said: “With such high demand for landing slots, many airlines have realised the slots they hold are very valuable. For the most part2, these are not included as assets on an airline’s balance sheet. It is important that this value is fairly recognised so that airlines have the potential to use them as security against borrowings.” Deloitte has calculated that in Europe the most valuable landing slots are those at London... |
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| D. J. Litt (Firearms) Ltd in administration |
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09 May 2008 |
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Richard Hawes and Robin Allen of Deloitte were appointed as Joint Administrators of D. J. Litt (Firearms) Ltd on 8 May 2008. D. J. Litt Ltd supplies rifles, shotguns, hunting and shooting accessories and clothing. It is the UK’s largest sporting gun retailer and holds in excess of 2000 product lines, with a turnover of £12 million. D. J. Litt is based in Newport, employing 20 people. It also has shooting grounds in Gwent, Newport. The failure of the company is attributed to recent cash flow problems. Richard Hawes, Joint Administrator, said: “We are assessing the company’s position to secure a sale of the business and... |
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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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