Blacks suspends director after accounting error

Blacks suspends director after accounting error

Outdoor clothing retailer Blacks Leisure has suspended a director because of an accounting discrepancy

Outdoor clothing retailer
Blacks Leisure
has suspended director Darren Spurling after finding profits for 2007/08 and
2008/09 would be below forecasts because of accounting discrepancies.

It was found that, in at least two financial years earnings at Sandcity,
which sells O’Neill Boardwear goods, had been overstated by about £1m.

The retailer has suspended Spurling, managing director of the division, while
it investigates further.

Blacks Leisure reduced its profit target in January as boardwear sales of its
Freespirit and O’Neill brands fell by nearly 11%.

Further reading:

Blacks Leisure FD in line for CEO role

Read
the story in BBC News

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