Business - Allied FD quits
Allied Carpets finance director David Pout has resigned along with retail operations manager Steve Barber less than a week before the publication of an inquiry into accounting irregularities at the company.
In a statement issued yesterday, Allied said that Barber had resigned with immediate effect, while Pout’s offer to resign had been accepted by the board.
Pout will be temporarily replaced by Bruce Wright, former finance director at Meyer International. Prior to this appointment, he spent six months as interim finance director at B&Q.
The company’s directors also confirmed that its interim results for the year to 27 June 1998 will be released next week along with the report of the board inquiry into accounting irregularities, conducted with the company’s auditors Arthur Anderson.
Investigations followed the discovery of a discrepancy of how sales were accounted. Further investigation uncovered that some of the company’s stores were booking carpet sales earlier than normal. It is estimated that the errors will cut profits by #3m for this year.
Allied will also request that the London Stock Exchange lifts the suspension of the listing of its shares at the same time. The company’s shares had fallen from a post-flotation high of 320p in January 1997 to 74.5p last month.
Allied was formed in 1991 from the buyout of parts of the carpet retailing business of Lowndes Queensway group, which was in receivership. In May 1993 the company acquired the Allied Maples group, excluding the Maples furniture stores, from Asda.
The numbers you crunch tell a story. Your expertis...
26yEmbracing 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 articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article