BusinessCompany NewsSanctuary heads for mid-tier again

Sanctuary heads for mid-tier again

Sanctuary group could be audited by a mid-tier firm again, if plans for a takeover of the group by AIM-listed Mama go ahead

Mama, which has bands such as Kaiser Chiefs and Franz Ferdinand on its books,
announced its intention to launch a bid for Sanctuary this week.

Mama is audited by PKF. Earlier this year, Sanctuary appointed KPMG after a
protracted battle with former auditors Baker Tilly. The move was seen in some
quarters as a blow for mid-tier firms.

Takeover companies tend to stick with their auditors in preference to those
of their target.

The group ditched the firm soon after it had qualified its accounts, raising
fears that directors might undermine the independence of their auditors.

KPMG subsequently delivered a scathing report to the Financial Reporting
Review Panel, which stressed fundamental accounting errors at the group, earlier
highlighted by Baker Tilly, and which led to the sacking of chief executive Andy
Taylor.

Sanctuary is thought to be talking to Mama in an attempt to see whether it
can head off a hostile bid.

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