Sweett and Currie & Brown bust-up over Asian business sale

Aaron Morby 2 years ago
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Cost consultants Sweett and Currie Brown are locked in a dispute over the final sale value of Sweett’s Asia Pacific and India businesses.

Douglas McCormick, Sweett chief executive officer, calls for independent account to resolve dispute

Currie & Brown bought the operations for £9.3m last October, subject to a potential adjustment based on it preparing draft accounts.

The firm now claims a £1.8m adjustment in its favour but Sweett has contested Currie & Brown’s evaluation and called for an independent accountant to review the claim.

Sweett this morning said it agreed to an adjustment of £540,000, relating mainly to exchange rate movements.  

But a statement said:  “It disputes a number of matters, including the treatment of client balances, in particular in China, the accounting policies and practices adopted by Currie & Brown and its interpretation of the sale documents.

“As the company is unable to agree Currie & Brown’s figures and interpretations, the parties accept that the matters in dispute should be referred for expert determination and are seeking to agree a mutually acceptable independent firm of internationally recognised chartered accountants to undertake the expert’s role.”

 

 

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