John Ryan, chairman of Bradford Teaching hospitals, was removed yesterday for failing to produce a credible recovery strategy after accountants discovered a £11.3m hole in its accounts.
Foundations are self-governing and cannot be bailed out by the government if they run into loss, a fact that raises the spectre of bankruptcy.
The chairman of Monitor, the regulatory body, William Moyes, told The Guardian newspaper that the rescue plan submitted to him by the Bradford board ‘lacks strategic vision and coherence’. He said it included ‘opportunistic proposals which do not attempt to address the underlying causes of the cost overruns’.
Moyes has appointed a former NHS regional director, Peter Garland, as interim chairman to help get the trust back on its feet.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.