UK - Northern Venture Managers (NVM) has backed the eight-figure management buy-out (MBO) of East Yorkshire-based Horncastle Industries.
NVM provided £5m of equity funding to enable the MBO team, led by Malcolm Taylor and Stephen Trebble, to complete the deal. Bentley Jennison Corporate Finance advised the management team on the buy-out, and structured and arranged finance.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.