RSM Tenon Group has dropped PwC as its auditor after a shareholder vote at the accountancy group’s annual general meeting.
The audit firms are in a dispute over the quality of PwC’s audit of RSM Tenon, which the firm said led to private equity firm HgCapital withdrawing a £140m offer for it.
HgCapital said it had “completely lost confidence in Tenon’s historic and current financial statements together with their ability to forecast its future finances”.
Around 64% of RSM Tenon’s shareholders voted against re-appointing PwC.
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.