In a letter he told the banks, who are owed £50m by bankrupt chassis supplier UPF-Thompson, that KPMG’s actions were a threat to small manufacturers.
He warned that if large companies are forced to pay the debts of insolvent suppliers, ‘the landscape of British business will be irrevocably altered.
‘If manufacturers rather than banks are underwriters of debts from these small firms, then inevitably larger companies will turn increasingly to multi-national suppliers,’ Dover said.
KPMG reiterated that it is still in negotiations with Land Rover. The firm is waiting for a ruling on its appeal against an injunction awarded to Land Rover forcing UPF to continue providing the car company with chassis.
A spokeswoman for the firm said: ‘We are looking to do what we were appointed to do.’
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton