Finance director Philip Bunt of XS Leisure, the bowling alley and pool bar group, yesterday resigned following revelations that monthly accounts had overstated profit levels by 'a considerable margin'.
The company’s former auditor, Richard Simons, the senior partner of Richard Anthony & Co, has been appointed to replace Bunt and financial controller Paul Arris will take over a company secretary.
A group statement admitted that pre-tax profits for the end of March will be slashed to a minimum, because monthly management accounts had overstated company profits.
Directors are now set to review the future of a ten pin-bowling venue at Worsley, Manchester.
‘This loss will be exacerbated by abortive acquistion cost incurred in connection with a proposed acquistion that had to be abandoned in March as a result of the inaccuracies in the company’s management accounts’, the group stated.
Bunt has also been stripped of share options in the group.
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