Today’s news in brief – 18/10/2023

Begbies Traynor is strengthening its presence in South Wales by acquiring Jones Giles and Clay. This move allows them to become a leading business recovery and insolvency practice in the region. Four experienced team members, including Susan Clay and Vaughan Jones, directors and licensed insolvency practitioners, join the Cardiff-based team. This expansion enhances their capacity to work on complex cases and cater to larger clients. Nationally, Begbies Traynor reported an 11% growth in the past financial year and is focused on further expansion through recruitment and strategic acquisitions. KPMG UK is planning job cuts in its Deal Advisory business due to reduced demand and a challenging economic environment, The Financial Times has reported. The proposed reductions will affect just over 6% of the Deal Advisory business, which employs nearly 1,700 people. KPMG is also considering a freeze on pay rises for deal advisory teams. The move comes after efforts to reassign staff to areas with higher demand and is seen as a last resort. The redundancy consultation reflects the impact of economic conditions on certain markets and projects. PwC has launched an investment program in Cardiff to create over a thousand high-skilled jobs in the next five years, particularly in digital and technology fields. The rapid recruitment program has already doubled PwC's headcount in Cardiff to 500 within 18 months. The program represents a partnership with the Welsh government to address inequality, promote fair work, and enhance opportunities for young people. The investment will run into tens of millions, and the Welsh government is investing £2m to support inclusion, upskilling, and economic growth in the region. The ICAEW and technology company RQ are introducing an online platform to strengthen relationships between chartered accountants and their clients. The platform offers insights into clients' financial needs and a space for collaboration. Additionally, it assists in adhering to the ICAEW Designated Professional Body's regulatory regime. Under the agreement, RQ provides free access to the platform for ICAEW firms in exchange for input and support from ICAEW. This platform aims to break down professional silos and enable ICAEW members to collaborate effectively on advisory services, ultimately driving business growth.

Today’s news in brief – 18/10/2023

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