Coronavirus: Caffe Nero hires KPMG to negotiate high street rent cuts & more…Keep up with the latest accountancy and finance news in our weekly news round-up…

Coronavirus: Caffe Nero hires KPMG to negotiate high street rent cuts

Caffe Nero has become the latest high street coffee chain to seek rent cuts from landlords amid tough new restrictions that could hamper the hospitality sector’s recovery from COVID-19.

EY reports global revenue grew 4.1% despite coronavirus

Ernst & Young reported Thursday that its global revenues grew 4.1% in the fiscal year ending June 30, 2020, despite the impact of the novel coronavirus pandemic.

UK economy unlikely to recover until 2023, KPMG says

The UK economy is unlikely to reach its pre-Covid level until early 2023, according the new forecasts. KPMG’s latest quarterly economic outlook forecasts UK GDP will plunge 10.3% for the year, downgraded from the 7.2% predicted in June.

DWS abandons auditor EY in wake of Wirecard scandal

Deutsche Bank’s asset management arm DWS has abandoned EY as its auditor as a result of the scandal at payments processor Wirecard, which collapsed in June following a €1.9bn fraud.

Grant Thornton loses appeal over £22.6m damages

The Court of Appeal has dismissed any attempt by Grant Thornton to overturn a record £22.6m claim for damages brought by former client AssetCo over the firm’s failure to spot a fraud at the AIM listed company, which nearly collapsed as a result of an accounting scandal.

Deloitte puts its restructuring business up for sale & more...

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