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...