Speedy Hire boss quits as black hole found in accounts

Grant Prior 10 years ago
Share

The chief executive of Speedy Hire has quit the business following the discovery of a £5m black hole in the company’s overseas accounts.

Steve Corcoran has fallen on his sword after accounting problems were unearthed at the company’s International Division which operates across the Middle East.

The Finance Director of the International Division has also been suspended and other senior divisional management are the subject of further investigation.

A company statement said: “Given these events, Steve Corcoran believes it is appropriate that he resigns as Group Chief Executive.

“He will be stepping down from the board of Speedy Hire and will be leaving the company at a date to be finalised.

“He will remain with the business for a period to allow for continuity with customers, suppliers and employees and pending the appointment of a new Group Chief Executive.”

Problems with the accounts came to light following  recent management changes at the International Division which accounts for 5% of group revenue.

Speedy said “information currently available suggests that certain control processes within the International Division have been repeatedly and deliberately circumvented.

“The issues are believed to affect a limited number of smaller contracts.”

The problems will knock an estimated £3m off full-year profits and have led to “constructive dialogue” with the firm’s lenders.

The news knocked more than 15% of the firm’s share price in early Friday trading.

Speedy has now engaged law firm Addleshaw Goddard LLP to carry out an independent investigation and forensic accountants are in the process of being appointed.

The firm said: “At this point no final conclusions can be drawn as to the timeframe nor the results of the above investigations.”

Corcoran joined Speedy back in 1987 and rose through the ranks before becoming chief executive in 2005.

Latest plant news

Plant sales slumped 29% in final quarter of last year

Excavator sales hardest hit by downturn
2 months ago

Lower Thames Crossing to lead switch to hydrogen fuelled plant

National Highways commits to remove 66 million litres of diesel on tunnel job
9 months ago

World’s first hydrogen-electric powered access platform

Speedy Hire and Niftylift pioneer zero carbon MEWP
9 months ago

JCB launches all-day operation electric site loader

Compact loader promises productivity matching 403 diesel model
10 months ago

Barhale fits digital ‘thumbs up’ safety signs to diggers

Digital AI safety feature tells workers when safe to approach plant on site
12 months ago

Hydrogen-powered backhoes approved to drive on roads

Government approves use of hydrogen-fueled diggers on public highways.
1 year ago

Vac UK puts in another giant order for £10m of machines

20 new Longo Rhino excavators add to specialist's impressive fleet
2 years ago
Vac UK

Construction materials cost increases hit 40-year high

Steel and timber soar quickest with rises set to continue next year
2 years ago

Cementation Skanska switches all large-scale plant to bio-fuel

Piling contractor commits to Green D+ fuel after big HS2 site trial
2 years ago

JCB targets first hydrogen diggers by end of 2022

Plant giant is investing £100m in developing super-efficient hydrogen engines
2 years ago

House builder backs plant warning cameras on all sites

Countryside commits to AI proximity warning cameras on all site telehandlers
3 years ago

Police launch specialist plant theft busting unit

ACE unit will focus on tackling organised plant theft gangs
3 years ago

On-board breaker takes suction excavator to new level

Specialist manufacturer cracks problem with world first design innovation
3 years ago

Construction plant shortages start to bite

Smaller excavator delivery dates being pushed to 2022
3 years ago

Laing O’Rourke joins switch to electric cars

Plan to transition 1,000-car fleet to all-electric by 2025
3 years ago

JCB to hire 400 agency workers in production push

Demand for machines has rebounded sharply in Europe and North America
3 years ago

Strong trading lifts hirer P Flannery revenue to £116m

Revenue soars to record high for fast-growing plant hirer
3 years ago

Plant hire firm plans £33.8m tourism development

Perthshire site will see construction of hotel, lodges and transport museum
3 years ago

New pothole machine delivers road repairs four times faster

JCB Pothole Pro machine can repair a pothole in under eight minutes and at half the cost of a road gang
3 years ago

Wernick acquires Robert Purvis Plant Hire’s portable accommodation fleet

Wernick boosts presence in Scotland
3 years ago

Plant hirer fined £220k after crane nearly hits apprentice

Court hears how apprentice forced to leap for his life
3 years ago

JCB launches electric telehandler and dumper

Stand-alone rapid charger unit also unveiled to support E-Tech range
3 years ago

City Hire expands guaranteed tool hire service

Equipment delivery time guarantee extended beyond London
3 years ago
City Hire

Three sisters set-up plant hire business

Finnegan sisters buy first kit after securing funding deal
3 years ago

Fox Bros snaps up north west hirer Clive Hurt

North West haulier and earthworks contractor now on the hunt for bigger jobs
3 years ago

Speedy trials electric taxis as tool delivery vans

Converted red taxicabs can carry two pallets up to 800kg
4 years ago

Major plant hirer Vp sees revenues rebound

Hire revenues back to 80% of pre-Covid level
4 years ago

Flannery trials first electric tele at HS2 site

Skanska Costain Strabag JV to roll out more machines across HS2
4 years ago

Tower crane lifts end long climb to work for operators

Laing O'Rourke trials mast climbing lifts for tower crane operators at London site
4 years ago

JCB powers up first hydrogen fuelled digger

JCB in race to lead the world on hydrogen-powered plant
4 years ago

Contractor services