GT in Deloitte audit swoop as change continues at veterinary group
Premier Veterinary Group chooses Grant Thornton to audit the restructured business
MAJOR CHANGES at Premier Veterinary Group (PVG) have resulted in it swapping Deloitte for Grant Thornton as auditors.
PVG was subject to a reverse takeover by Ark Therapeutics in February. As Grant Thornton had audited PVG and its subsidiaries, the firm has been ‘kept on’ to audit the new, enlarged group. Deloitte, which had audited Ark, has resigned.
“As outlined in the annual report, GT had previously been engaged to audit the accounts of Premier Veterinary Group Limited (now PVG 2007 Limited) and its five subsidiaries. GT’s appointment will, therefore, provide continuity in this regard in the next audit of the group’s accounts,” PVG said in a statement to the stock exchange.
“The board would like to thank Deloitte for their diligent work and significant contribution as the company’s auditor over many years,” it added.
Ark had originally operated as a biotech company, but was unable to remain viable in that market. In an attempt to retain value for shareholders the board decided against an administration route, instead entering into the reverse takeover with PVG. The business is now focused on both its wholly-owned veterinary practices, and the provision of products and services to third-party practices.
Daniel Smith was appointed CFO of the group in February, along with other board changes. As financial controller at PVG, he identified an accounting error in its books in 2013, at which point the finance function was strengthened and two shareholders appointed to its board.