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Deloitte to probe Speedy Hire's international accounts

Speedy Hire has appointed Deloitte to investigate a £5m hole in its accounts, the firm told the stock market today.

It said Deloitte would “carry out an independent forensic investigation”.

The news follows the discovery of “the mis-statement of a number of accounting balances” in its international division, which mainly operates in the Middle East. The breaches were isolated to the internationl division and the UK is unaffected, the firm said when it revealed the problem to investors on 28 November.

At the time Addleshaw Goddard were appointed to carry out a legal investigation. Speedy’s chief executive Steve Corcoran also said he would step down once a replacement had been found.

A spokesman for the company said there was no further news on the recruitment of a new chief executive.

Separately, Mike McGrath stepped down from the group board today. A spokesman said his departure was unrelated to the problems with the international division.


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