Tuesday 4th March, 2014

Accounting irregularities at Speedy Hire, a UK equipment rental business servicing the construction sector, will see a charge of £2.7m added to the current financial year.

The company hired Deloitte and law firm Addleshaw Goddard to conduct an independent legal and forensic review of accounting irregularities, after discovering the deliberate actions of a small number of employees that have since left the company.

In a statement to the stock exchange, the business announced that the total impact to the company is £4.8m (including forensic fees), with the impact on P&L to the current financial year coming in at £2.7m.

Following the discovery, the international division FD was suspended last year, whilst CEO Steve Corcoran announced that he would step down.

Ishbel Macpherson, chairman, said: "The board has acted quickly and decisively and has since 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. We look forward to updating the market on 26 March 2014."