Speedy sacks staff over £4.8m black hole in accounts

Grant Prior 8 years ago
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Speedy Hire has kicked out a “small number of employees” at its international division after a £4.8m black hole appeared in its accounts.

Deloitte has led an investigation into the accounting irregularities which hit the firm’s international division in the Middle East last November.

Speedy confirmed today: “The accounting irregularities were the result of the deliberate actions of a small number of employees – these employees have now left the business.”

The total financial impact has been confirmed at £4.8m plus fees with £2.7m to come off the bottom line in this year’s accounts.

Ishbel Macpherson, Chairman, said: “Over the last four years, Speedy has established a platform in the Middle East, built local relationships and won major contracts.

“The discovery of the activities of a small number of individuals that resulted in these accounting irregularities has been more than disappointing.

“The Board has acted quickly and decisively to confirm the impact, embedded a new management team and improved financial controls.

“Whilst there will be an impact on both the current and previous financial years, the Group remains committed to our customers in the region and positive about the opportunities.

“We look forward to updating the market on 26 March 2014.”

 

 

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