BusinessCompany NewsFSA blasts pub group for rule breaches

FSA blasts pub group for rule breaches

The Financial Services Authority has lambasted SFI group for breaches of the stock exchange listing rules.

Link: SFI: questions to be asked

SFI Group, which runs the Slug & Lettuce pub chain, has been left with a £23m accounting black hole, after providing information that exaggerated its financial performance.

It is the first time the FSA has taken action over a breach of the listing rules since it began monitoring listed companies two years ago.

The FSA found that profits of £19.5m for the year ending May 31 2002 were overstated by £6.1m. Net assets of £85.5m were overstated by £23.1m.

The regulator said there was no evidence to suggest the breaches were deliberate, blaming flawed accounting systems and controls.

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