PracticeAuditKPMG to review HBOS-invested Wyevale

KPMG to review HBOS-invested Wyevale

Independent audit of garden centre group underway

Big Four firm KPMG has been appointed to undertake a review of Wyevale
Garden Centres on behalf of UK banking giant HBOS.

The bank has a 19% stake in the business, according to a report on
retail-week.com

HBOS is seeking a review of Wyevale’s business plan in determining whether
its profits are sustainable. Annual turnover is estimated at £125m.

Scottish entrepreneur Sir Tom Hunter is a financial backer to the business,
and is currently renegotiating £650m in loans used to finance the leveraged
buy-outs of Wyevale and Crest Nicholson.

Further Reading:

Sovereign
funds target UK plc

MP
attacks ‘dodgy auditing’ and conflicts of interest

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