Bglobal hires KPMG to carry out strategic review

STRIFE-ridden Bglobal, the Darwen-based smart metering and software provider, has hired accountants KPMG to undertake a strategic review of its operations.

The move comes a week after the AIM company ousted its founder and executive chairman Peter Kennedy by investors amid concerns over the 40% plunge in the group’s share price this year and strategy. Mr Kennedy was also at odds with chief executive Tim Jackson-Smith and other key stakeholders.

In a statement to the Stock Market today, Bglobal said the board had been given a “clear mandate” at last week’s general meeting to conduct a review in order to maximise value for all shareholders.

Mr Jackson-Smith, said: “The board is delighted to have appointed KPMG to work with us in carrying out a wide ranging review of the business and to assist us in delivering value to our shareholders.

“KPMG has extensive experience in the sectors that the group operates in and will provide the independent and objective assessment of the business that is vital in allowing us to fulfill the group’s potential.”

Shortly after the meeting last week – where more than 80% of investors voted to oust Mr Kennedy – his son Nick was suspended “with immediate effect pending an investigation into his conduct”.