| As we get set to enjoy a long Easter weekend, we bring you the biggest stories of the week and get you up to date with the key appointments and deals.
One of the most significant stories broke on Wednesday with news that accountancy giant Deloitte is being investigated by the industry watchdog over its audits for Newcastle-based bus and train group Go-Ahead. The Financial Reporting Council (FRC) said it had launched a probe into Deloitte's auditing of Go-Ahead's financial accounts over the six years between 2016 and 2021. It comes after Go-Ahead's Govia joint venture with French firm Keolis was stripped of the Southeastern rail franchise by the Government last year for a "serious breach of trust" after it deliberately concealed more than £25m of historic taxpayer funding that should have been returned. You can read more on that story here
The London Stock Exchange saw a big fall in the value of fundraising from flotation in the first quarter of this year, according to new figures from professional advisory firm EY. Matt Eves, a partner in EY's strategy and transactions in Wales and the south-west of England, explained that the war in Ukraine, high energy and commodity prices alongside inflationary pressures and associated interest rates rises are creating uncertainty. He said: "These pressures combined with supply chain issues are likely to lead to a continuation of the weaker market in Q2 2022. We will hopefully see a return to a stronger equity market later in the year, although this remains at risk given the uncertain geopolitical and macroeconomic landscape." The market main had 12 floats which raised £308m, with the seven listings on AIM raising £89m. The largest main market float was New Energy One Acquisition Corp Plc which raised £175m. Among the floats on AIM was Bridgend based Facilities by ADF, which provides trailers for the booming high-end television (HETV) and film industry. Its listing in January raised £18m. You can read more on EY's report here.
Please take a look at our other headlines and I'll be in touch again next week.
Hannah Finch Audience Editor, BusinessLive
|
