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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| Court of Appeal rejects NEC’s claim |
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01 February 2006 |
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HM Revenue and Customs (HMRC) won a victory today at the Court of Appeal (31/1/06) over companies with foreign (non-EU) parent companies. The decision means that foreign owned companies are not entitled to the same compensation as EU-parented companies if they have paid dividends. This claim for compensation arose because the UK subsidiary of a foreign parent which paid a dividend in effect paid its corporation tax earlier than it would have done had it had a UK parent. The Court of Appeal has in effect upheld the High Court decision in favour of HMRC. Similar to the High Court, they held that, whilst part of the UK’s... |
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| Full potential of markets in China & India is decades away |
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31 January 2006 |
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It may be decades before China or India delivers the full potential that many technology companies are impatient to realise, according to a new report from Deloitte’s Technology, Media and Telecommunications (TMT) practice. “Market opportunities in China and India have long been a subject of discussion, with the expectation that in coming years they will dwarf all other markets,” comments Jim Sloane, UK managing partner for industries at Deloitte. “TMT companies are under tremendous pressure to capitalise on these two emerging giants. However this potential... |
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| Half of UK bank hoppers move for better service |
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31 January 2006 |
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Research conducted by YouGov on behalf of Deloitte, the business advisory firm, has found that almost one in two adults in Great Britain (48%) who moves product provider from one retail bank to another, does so because of poor customer service. Some 45% of the 2172 people surveyed have voted with their feet and moved an account or product, suggesting that banks cannot afford to rest on their laurels. The research findings also show that when it comes to choosing a bank, reliable service (17%) ranks behind pricing (34%) and security (27%). However, when it comes to the crunch, only one in five people switch to get better interest... |
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| Scotland outperforms England and Wales hotel industry |
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27 January 2006 |
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Hotels in Scotland outperformed both Wales and England in 2005, generating the highest percentage increase in revenue per available room (revPAR), up by 7.1% on 2004 figures according to the HotelBenchmark Survey by Deloitte. Occupancy in Scottish hotels remained steady, gaining 1.4% and the average room rate increased from £65 to £68 (5.6%). Aberdeen performed particularly well recording 17.5% growth in revPAR. According to the survey England and Wales recorded 3.4% and 3.2% rev PAR growth respectively. Of the capital cities Cardiff and Edinburgh revPAR recorded 4.6% and 6.1% growth respectively, with London lagging considerably... |
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| Gambling consultation closes |
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26 January 2006 |
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Tomorrow (27th January) is the closing date for the first consultation commissioned by the Gambling Commission. The consultation on regulation and licensing is the first step towards implementing the Gaming Act introduced last year. However, although the Gambling Commission is developing frameworks for the industry, there continues to be debate as to the number of super casino licenses which should be allowed in the UK. Alex Kyriakidis, Global Head of Tourism, Hospitality and Leisure at Deloitte, says: “Momentum is building for the establishment of more than one super casino with pressure from stakeholders mounting across the... |
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| Deloitte announce the sale of Kookai |
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25 January 2006 |
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Deloitte has today announced the successful sale of Kookai. Kookai SA, the French owner of the Kookai clothing brand, has formed a joint venture company with Amery Capital - Kookai UK - which will take immediate control of the Kookai brand in the UK. Lee Manning, Deloitte partner and lead administrator comments: "Kookai is a strong retail brand and a prominent feature on the UK high street. We are pleased to announce the sale of the company to Kookai UK, as a result of which 400 jobs will be protected." Kookai will continue trading in 14 standalone stores and over 20 department store concessions... |
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| Deloitte appoints international private equity expert |
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25 January 2006 |
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Deloitte, the business advisory firm, has appointed Chris Hyams, an international M&A specialist, as a partner in its private equity transaction services team in London. Mr Hyams was previously a partner in PricewaterhouseCoopers’ transaction services practice in Paris.
Timothy Mahapatra, Head of Private Equity Transaction Services at Deloitte, commented: “We are delighted Chris has decided to join our team. The European private equity market developed strongly in 2005, resulting in a record year for private equity deals and this trend looks set to continue. Providing the best service to our private equity clients means providing the... |
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| 2006 – Recovery or relapse? |
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20 January 2006 |
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In the latest issue of the Deloitte Economic Review, our Economic Adviser, Roger Bootle, looks at whether the sharp slowdown in the growth of the UK economy during 2005 is merely a temporary pause for breath or the start of a sustained period of weakness. His main points are as follows: |
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| FTSE 100 pension deficit leaps to £110 bn |
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19 January 2006 |
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The deficit for the final salary pension plans of FTSE 100 companies currently stands at £110 billion according to actuaries at Deloitte. This is a dramatic £35 billion increase in deficits in the few weeks since the end of 2005. Deloitte strongly believes UK companies should be looking for new ways to actively manage away the volatility of their pension deficits.
FTSE 100 aggregate FR17 deficit graph in the attachment below.
Commenting on the change, Tony Osborn-Barker, a director in consulting at Deloitte, said: “What a difference two weeks makes. This is a direct result of the “double... |
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| Deloitte calls on Government to use Company Law Reform Bill to deregulate on private company dividends |
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12 January 2006 |
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The second reading of the Company Law Reform Bill before the House of Lords yesterday has prompted business advisory firm Deloitte to again call for the Bill to remove requirements inhibiting the ability of private UK companies to pay dividends to shareholders.
Martyn Jones, national technical partner of Deloitte, commented: “The second reading of the Bill presents an opportunity for the government to alleviate a significant burden on business. We currently face the danger of ‘dividend blocks’ which would unnecessarily prevent the flow of dividends to the pension schemes and other shareholders that depend on them. Deregulation now... |
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