Tanfield plc, formerly the biggest company on the AIM exchange is making a
last ditch bid to help reverse its fortunes by calling in the accountants after
a turbulent period which saw its share price nosedive by more than 80% last
Sources say that the electric vehicle maker is looking for an adviser to work
out whether the business can continue as a going concern.
Investors have strongly criticised Tanfield, levelling accusations of
incompetence and malpractice at the top brass, the
Analysts also called the financial stability of the company into question.
Mike Stoddart, of Daniel Stewart Securities, said: ‘When we met the company on 2
June, the guidance from the finance director was that cash at the end of June
would be £18m. Now they are saying it was £11m. This is a major problem.’
Tanfield’s management has put its problems down to a slump in the powered
access market in talks with investors and is nowlooking for a clean bill of
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation
Top 50+50 firm Begbies Traynor recorded pre-tax profits of £4.5m for the year, boosted by its property services unit, despite seeing insolvencies drop to its lowest level since 2004.