Today’s news in brief – 19/11/2024

Juan Federico has joined RSM UK as a business transformation director within its consulting practice. Previously part of Baringa's CFO advisory team, Federico brings extensive experience in finance support, regulatory transformations, and enterprise performance management, including cost reduction and post-merger integration. At RSM, he aims to strengthen the firm’s financial services presence and support clients facing regulatory and economic challenges. Joel Segal, head of business transformation at RSM, welcomed Federico, highlighting his expertise as invaluable to driving enterprise-wide performance improvements. Federico expressed excitement about supporting sustainable change for clients in a challenging economic and regulatory environment. Registered company insolvencies in England and Wales fell by 10% in October 2024 compared to September, totaling 1,747 cases. However, insolvencies remain higher than pre-pandemic levels, reflecting persistent economic pressures. Evelyn Partners warned businesses remain vulnerable due to high borrowing costs, inflation, and weak consumer confidence. Labour-intensive sectors like hospitality and retail face heightened challenges. Mark Ford of Evelyn Partners noted stagnant growth and sliding consumer confidence as significant hurdles. John Cullen of Menzies predicted a continued rise in insolvencies into 2025, emphasising the need for targeted sector support to prevent further business failures in a fragile economic environment. FRP Advisory assisted Montresor Legal Recruitment in transitioning to an Employee Ownership Trust (EOT). Founded in 2012, Montresor specialises in placing legal professionals and offering flexible staffing solutions. The transition was designed by FRP's team, led by James Cooper, who provided guidance on structure, share valuation, and tax compliance. Montresor’s new profit-sharing model ensures employees benefit immediately, distributing 50% of on-budget profits from year one. Founder Tom Balmer praised the EOT for recognizing staff contributions and strengthening the firm’s appeal in the legal recruitment sector. FRP lauded the innovative approach and wished Montresor success as an employee-owned business. At COP29 in Azerbaijan, the ACCA emphasised the urgent adoption of sustainability reporting standards to drive investment in sustainable businesses and support the global net-zero transition. Highlighting the critical role of SMEs, ACCA noted challenges like accessing sustainable finance and professional skills gaps. ACCA also launched reports on climate resilience and nature-related reporting, underscoring the unpreparedness of many businesses for climate disruptions. Vikas Aggarwal of ACCA called for skills development to address these challenges and praised ACCA’s active role in advancing sustainable practices. The organisation remains committed to empowering businesses to adopt resilient, sustainable models amid pressing environmental demands.