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Today’s news in brief – 09/10/2023

DJH Mitten Clarke has finalised three strategic acquisitions, enhancing its presence in the North-West and Yorkshire. The acquisitions include Huddersfield firm Revell Ward, Nantwich-based Lyon Griffiths, and Haines Watts’ Altrincham office. These acquisitions complement the firm’s partnership with Tenzing and the hiring of M&A director Richard Crook. DJH Mitten Clarke aims to bolster its inorganic growth targets and service offerings. The acquisitions will be rebranded under the DJH Mitten Clarke banner, further expanding the firm’s footprint.

BDO’s Employment Index recorded its weakest reading in nearly a decade, dropping for the third consecutive month to 102.72. This decline reflects businesses’ challenges in maintaining staffing levels due to increased borrowing costs, elevated wage growth, and weaker customer demand. Business confidence, output, and hiring intentions have continued to decline, potentially signalling a recession. Sectors under the most employment pressure include construction, support services, food services, and wholesale and retail. The report also highlights declining output, particularly in manufacturing, and a drop in UK business confidence.

Lee Benmore, corporate restructuring manager, has been named the chair of the R3 New Professionals Steering Committee, representing New Professionals nationally. Mercer and Hole’s Benmore will also lead the New Professional Committee within the London and South East Region. This committee facilitates relationships among young professionals in the insolvency and restructuring sector. Benmore aims to provide support and opportunities for career advancement to new professionals in the industry.

The London stock market has experienced only five IPO listings in the third quarter of 2023, raising £359.8m. Challenging market conditions have contributed to reduced IPO activity, with proceeds down by 36% compared to the same period in 2022. The weak performance is attributed to factors like high inflation, rising interest rates, and economic uncertainties. However, EY anticipates a rebound in IPO activity in 2024, with several companies preparing to go public when market conditions improve. Despite challenges, London remains an attractive global destination for listings.

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