Inland Homes calls in FRP Advisory to probe transactions

Aaron Morby 1 year ago
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Cast-strapped developer Inland Homes has appointed accountants FRP Advisory to carry out an independent review of certain business transactions before publishing delayed results for last year.

The decision to enlist FRP comes after the brownfield site developer and house builder revealed in March it would delay publishing its results for the year to September 2022.

The delay was needed to allow new auditors PricewaterhouseCoopers LLP more time to go through the books following the discovery of “certain related party issues of which the board was not informed at the relevant times.”

A precondition of PwC completing its work was the appointment an independent consultant to undertake a review of these related party issues and any other relevant matters.

In January, Inland increased predictions of pre-tax losses for the year to 30 September 2022 to £91m.

That was up on the previous estimate last September of £37m as Inland launched a strategic review of the business led by financial advisors Lazard & Co which has since terminated its engagement.

Two weeks ago Inland Homes founder and former CEO Stephen Wicks invested £2.5m in the business in a wider share sale that only attracted him as a buyer.

Inland Homes said it would use the proceeds to fund working capital requirements at the business.

It is anticipated that, once FRP has completed its work, the PwC audit of results could be completed during June 2023.

 

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