Speedy investigations near completion

TWO investigations into accounting irregularities at the international arm of plant and tool hire firm Speedy Hire have nearly been completed.

In an interim management statement the firm said it will soon announce the financial impact of the accounting issues at the division where performance is now “running behind expectations”.

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

Addleshaw Goddard and Deloitte were hired to investigate the situation.

Newton-le-Willows-based Speedy also said third quarter revenues were up 3% and that new contract wins were providing “further momentum”. It has made good progress with a reorganisation of its depots and the launch of new locations.

The company added: “Whilst performance in international is running behind expectation, the UK performance to date gives the board confidence that the group will meet its expectations for the full financial year.”