Latest news with #PwC
Sky News
6 hours ago
- Business
- Sky News
Official receiver may step in as council care provider NRS Healthcare nears collapse
A private equity-backed provider of care services to vulnerable patients across England is on the brink of insolvency, prompting Whitehall officials to draw up contingency plans for its collapse. Sky News has learnt that NRS Healthcare, also known as Nottingham Rehab, is close to falling into compulsory liquidation after efforts to find a buyer were unsuccessful. Sources said the Official Receiver was expected to step in owing to the importance of the services offered by NRS Healthcare, which provides living aids and equipment to elderly and vulnerable patients, many of whom have recently been discharged from hospital. The company supplies wheelchairs, telecare and other technology-enabled healthcare services through contracts with local authorities across the country. Whitehall sources said the government was working with the Insolvency Service to assess contingency plans for the continued provision of services. If NRS Healthcare could no longer supply equipment, local authorities would have a duty to intervene and ensure continuity of care such as disability aids. "We are monitoring the situation closely," a government insider said. PricewaterhouseCoopers (PwC), the professional services firm, had been trying to find a buyer or new investors for the business in recent weeks, according to healthcare industry executives. NRS Healthcare has been owned by Graphite Capital, a private equity firm, since 2019. Graphite Capital's other investments have included the Groucho Club, the Soho members' club. One healthcare industry source said the terms of NRS Healthcare's contracts with local authorities had resulted in its financial decline. NRS Healthcare describes itself as the biggest care provider of its kind in the UK, although the precise number of patients to which it provides services to was unclear on Wednesday. In accounts filed at Companies House dated March 31, 2024, Nottingham Rehab said its directors were "satisfied with the results for the period". It reported an operating loss of £5.6m for the relevant period, but said its directors were "confident there is significant scope to develop and grow the business". In response to an enquiry from Sky News, a Department for Health and Social Care spokesperson said: "We are closely monitoring this situation and are working with a range of partners who are supporting local authorities to minimise any potential disruption, find alternative suppliers if needed and ensure patients continue to receive high-quality care." A spokesman for NRS Healthcare refused to answer basic questions including how many people it employs, although it is expected that many employees would be retained in the event that the company falls into compulsory liquidation. Graphite Capital confirmed that it had taken ownership of the company in 2019 but refused to disclose the price it had paid.
Forbes
11 hours ago
- Business
- Forbes
Could Tariffs Actually Accelerate The Move To A Circular Economy?
WASHINGTON, DC - APRIL 02: U.S. President Donald Trump holds up a chart while speaking during a ... More 'Make America Wealthy Again' trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC. Touting the event as 'Liberation Day', Trump is expected to announce additional tariffs targeting goods imported to the U.S. (Photo by) A lot has been said about President Trump's tariff policy, particularly from an economic perspective, but could they also hasten the move to a more circular economy, particulary in the U.S? The circular economy is a popular concept in sustainability circles, and is defined by the Ellen MacArthur Foundation as one where products and materials are kept in circulation through processes like maintenance, reuse, refurbishment, remanufacture, recycling, and composting. The concept also tackles climate change and other global challenges, like biodiversity loss, waste, and pollution, by breaking the links between economic activity from the consumption of finite resources. David Linich, sustainability principal at PwC U.S, said he believes tariffs could accelerate the business case for circularity, in an interview. Despite concerns over rising costs, he said circular business models could make strategic sense – not just to avoid tariff exposure, but to spark innovation, reduce operating costs and drive long-term growth. He said there are several key reasons why tariffs could fuel circularity, including how tariffs will increase input costs for businesses, in an interview. Linich added consumers are also increasingly expect more sustainable products and packing, and advances in artificial intelligence and robotics will mean improved sorting and reuse from waste streams. 'Any contamination of the recycling stream reduces the value of it, but if you can sort out the impurities, then you are left with a higher value stream, which you can reuse in a number of different applications,' he told me. Linich said a number of states in the U.S now have various extended producer responsibility laws, which are helping to fund new waste infrastructure. And he said a number of businesses are now setting targets around how much of the content of their products contains reused or recycled materials. He added many of raw materials in electric waste, like cobalt and copper are expensive and increasingly harder to source. 'More and more companies are recognizing these are becoming scarce commodities, and there is a lot of value in the waste stream today to harvest that material and to reuse it,' said Linich. He said PwC's Second Annual State of Decarbonization report shows 37% of companies are increasing their ambitions around sustainability, while only 16% are dialing them back in some way. 'The business value of climate action is becoming clearer to most organizations. As a proof point, we see between a 6% and 25% revenue uplift from products that are marketed with sustainability attributes compared to those which are not.' Vishal Agrawal, business of sustainability initiative academic director at Georgetown University's McDonough School of Business, said there are several key issues when considering the move towards a circular economy, in an interview. In terms of recycling, Agrawal added the introduction of tariffs could foster more recycling infrastructure, particularly in Western countries, but any potential benefits would require an 'incredible amount' of investment and take a long time to pay off. But he added the impacts on reuse, which is another cornerstone of the circular economy, could be more interesting, particularly in some sectors where tariffs could have a big impact, like domestic appliances and electronics, because it could mean consumers holding onto products for longer. 'But, no matter how much new things cost, people will still want the latest style, so perhaps there will be more potential for the prolonged use of certain products. 'The best thing you could do in terms of sustainability is incentivize customers to keep these products longer, because most of the environmental impact,' he added. Another cornerstone of the circular economy is design and Agrawal said if the tariffs continue to be in place, firms could respond by using less materials, being more efficient when they design the product, or designing it to be more longer lasting. 'The push towards the circular economy requires a lot of change in consumer behavior, as well as huge investments in infrastructure, collection, recycling, reuse, and like any other investments, people might wait to see how all of this pans out,' he added.
Yahoo
13 hours ago
- Business
- Yahoo
PwC US' Crow Warns of Waning 'US Exceptionalism'
PwC US Partner and Chief Economist Alexis Crow says US has outperformed other advanced economies due to immigration, innovation and infrastructure. But the unravelling of these advantages could set America back over the long term. She also shares insights on the latest US trade deals on "Bloomberg: the China Show." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
13 hours ago
- Business
- Zawya
Saudi IPO proceeds hit $1.8bln in Q2 2025
Saudi Arabia led the IPO activity in the Gulf Cooperation Council (GCC) region during the second quarter of the year, with total proceeds reaching $1.8 billion. The turnout, representing more than three quarters (76%) of the regional total, was supported by listings of companies like Flynas and Specialized Medical Co., according to PwC. The kingdom's Nomu market also helped bring in more IPO funds, raising a total of $128 million. Across the GCC, the equity markets bagged a total of $2.4 billion in IPO proceeds, broadly in line with the same period last year, despite a drop in the number of listings. The slower IPO activity across the region has been attributed to trade tariffs. 'The global market volatility at the start of Q2, driven by uncertainty over global trade tariffs, understandably prompted some companies to reassess their IPO plans,' said Muhammad Hassan, Capital Markets Leader, Partner at PwC Middle East. 'The outlook remains cautiously optimistic for the remainder of the year subject to macroeconomic and geopolitical factors.' Looking ahead, the region's IPO market is still expected to see more offerings, with potential listings in late 2025 and early 2026. 'The pipeline remains strong and diversified,' PwC said. (Writing by Cleofe Maceda; editing by Brinda Darasha)
Bloomberg
14 hours ago
- Business
- Bloomberg
PwC US' Crow Warns of Waning 'US Exceptionalism'
PwC US Partner and Chief Economist Alexis Crow says US has outperformed other advanced economies due to immigration, innovation and infrastructure. But the unravelling of these advantages could set America back over the long term. She also shares insights on the latest US trade deals on "Bloomberg: the China Show." (Source: Bloomberg)
