Speedy Hire boss quits over £5m accounts hole

Kashflow logo
4

Steve Corcoran, the chief executive of building equipment supplier Speedy Hire, has resigned following the discovery of a £5m hole in the company accounts.

The finance director of the company’s international division, which operates mainly in the Middle East, has also been suspended after the accounting irregularities were unearthed.

Following recent management changes in the international division, it uncovered “the mis-statement of a number of accounting balances” within the unit. Some control process within the division had been “repeatedly and deliberately circumvented,” it added.

The £5m issue will...

Please Login or Register to read the full article

The full article is available to registered AccountingWEB.co.uk members only. To read the rest of this article you’ll need to login or register. Registration is FREE and allows you to view all content, ask questions, comment and much more.

Robert Lovell
Managing Editor
AccountingWEB.co.uk
Share this content

Replies

Please login or register to join the discussion.

avatar
04th Dec 2013 10:58

Presumably now to be renamed...

...Speedy Exit

Thanks (1)
avatar
04th Dec 2013 11:13

Auditors?

Wonder what the auditors were doing in the last couple of years? Maybe they thought the hole was below materiality level.

Thanks (0)
avatar
04th Dec 2013 12:33

Doing his duty

At least he fell on his sword.

If he had been one of the great and the good (e.g politician, HMRC head etc) he would have protested his innocence/excellence, been handsomely awarded and the sword probably used to dub him instead.

 

Thanks (5)
avatar
04th Dec 2013 15:27

 

 

 

Inadequate management control systems, bring companies down, but time and again, proper controls are allowed to become dysfunctional, usually following re-organisations, hiring and firing for efficiency, its like the senior people think pixies and fairies somehow keep the integrity of controls going no matter what they throw at an organisation.  Senior management teams should be intimately aware and regularly review the fit for purpose status of their management control systems.  Emporers clothes is a common problem, does really make you wonder about the justifications for high earners.

Thanks (0)