PracticeAccounting FirmsKPMG administrators appointed to Trod Limited

KPMG administrators appointed to Trod Limited

The Big Four firm has vowed to co-operate with the FBI and any other “relevant authorities with regards to any requests they make”

KPMG administrators appointed to Trod Limited

KPMG’s restructuring arm has been appointed as administrator to troubled online toy retailer Trod Limited, whose owner Daniel William Aston, is facing possible extradition to America over alleged price fixing on Amazon following an FBI raid on his home and business.

Chris Pole and Allan Graham have been named joint administrators to the retailer which trades under the names of Buy 4 Less, Buy For Less, Buy-For-Less-Online, 247 Toys and Global Trader.

A spokesman for KPMG said the administrators had “sought legal advice, and indeed will continue to do so, regarding the ongoing investigations and the implications to the administration”. This includes “seeking advice on how any potential fine/liability would rank”.

The Big Four firm said it will co-operate with the FBI and any other “relevant authorities with regards to any requests they make”.

The Birmingham-based business sells branded toys through multiple online market-places along with its own websites and employs around 60 staff from its base in Rednal, Birmingham.

So far there have been no redundancies.

According to the Daily Mail, prosecutors allege that Aston and his co-conspirators “agreed to adopt specific pricing algorithms for certain posters to try to make sure they were sold online at the same price and to coordinate any price changes”.

Commenting on the appointment, Chris Pole, director at KPMG and Joint Administrator, said: “The company has experienced significant trading difficulties over a number of years, incurring losses which have ultimately proved to be unsustainable.

“We will be trading the business as a going concern while we seek a buyer for the business and its assets. We would advise any interested parties to contact the joint administrators as soon as possible to express their interest.”

 

 

 

Related Articles

FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

Accounting Firms FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

22h Emma Smith, Managing Editor
Deloitte rises in auditor rankings with most FTSE 250 clients

Accounting Firms Deloitte rises in auditor rankings with most FTSE 250 clients

2w Alia Shoaib, Reporter
Partner joins BDO from KPMG

Accounting Firms Partner joins BDO from KPMG

2w Alia Shoaib, Reporter
The importance of investing in people

Accounting Firms The importance of investing in people

6m Emma Smith, Managing Editor
KPMG elects global chairman

Accounting Firms KPMG elects global chairman

6m Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

2m Alia Shoaib, Reporter
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

3m Emma Smith, Managing Editor
FRC launches investigation into KPMG’s Rolls-Royce audit

Accounting Firms FRC launches investigation into KPMG’s Rolls-Royce audit

5m Emma Smith, Managing Editor