Bank stands by Speedy over irregularities

SPEEDY Hire said accounting irregularities in its international division have not affected its banking agreements.

Last month chief executive Steve Corcoran resigned over the irregularities which involved smaller contracts being mis-stated by £4.5m-£5m.

In a brief statement the Newton-le-Willows-based group said it remained within its banking covenants but the problems had led to a breach of other terms.

The group said: “Following constructive discussions with its lenders, the company has now received waivers in respect of the breach of those terms and continues to be in compliance with the financial covenants under its banking facilities.”

Addleshaw Goddard and Deloitte have been appointed to investigate the situation.