Speedy blames irregularities on former employees

Speedy Hire claims that the financial irregularities it uncovered last November – and which led to the resignation of former chief executive Steve Corcoran – were the result of “deliberate action” by a small number of people, all of whom have left the company.

Releasing the results of an investigation into the irregularities by Deloitte and Addleshaw Goddard, it says the financial impact on the company will be £4.8m – roughly halfway between its initial estimate of between £4.5m and £5m.

As s result, this will lead to a hit of £2.7m on this financial year’s profits, due to be reported at the end of March, with the remainder being written off in restated reports from previous years.

The irregularities were first uncovered following management changes at its international division. The company says it has since appointed an experienced management team for the division, strengthened internal cost controls and implemented a new reporting structure to create greater transparency.

Chairman Ishbel Macpherson said the discovery of the irregularities in a business where it had built up relationships and won major contracts was ”more than disappointing”.

She added:”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.”

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