Vantis and going concern
Shock news this morning as Vantis’ auditors Ernst & Young issued a going concern warning alongside the firm’s interim results.
Ostensibly an accountancy firm, it’s got to be painful for the firm’s managers to see E&Y deliver that opinion.
The appalling irony for Vantis is that much of the firm’s difficulties come from acting as joint liquidator to Allen Stanford’s Standford International Bank. Vantis has spent a lot doing the work, but is yet to receive full payment. The interims reveal a loss amounting to a little more than £10m overall.The future of an accountancy business threatened by taking on a high profile liquidation? In this environment:? Who’d have thought it.
Investors meanwhile have been losing faith in Vantis for some time. Last May the share price stood at 91p. On Friday last week it closed at 29p.
The Stanford ordeal means that Vantis is the largest accountancy business, around thirteenth in the UK, to face a real threat from the economic crisis.
Problems at the company will no doubt spark speculation over whether the business is ripe for takeover. The current share price possibly offers a decent deal. And with liquidators in place who can attract work like the Staford job, Vantis might look attractive.
More about:
The numbers you crunch tell a story. Your expertis...
14yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleLeveson enquiry unearths more than just phone hacking Read More...
View articleMuch to learn from the debacle over investment bank's tax Read More...
View articleInternational standard setter should Sharman's call on going concern Read More...
View articleSupreme Court will hear the case for accountants having legal privilege Read More...
View articleBaker Tilly has seen a surprising proportion of equity partners switch to salaried status Read More...
View articleSOCIAL MEDIA – love it or loathe it, our readers are talking and debating it. More importantly, they are wondering just how it fits into their b...
View article