Sports Direct appoints RSM as auditor

23rd Oct 2019 15:08

(Sharecast News) - Mike Ashley's Sports Direct has appointed RSM as its new auditor with immediate effect.
Grant Thornton quit as Sports Direct's auditor in August after more than a decade in the job, sending shares in the sportswear retailer tumbling. The company said at the time that Grant Thornton had decided not to seek reappointment at the annual meeting "following a review of its client portfolio".

The auditor's resignation came after Sports Direct's delayed annual results revealed that it owed £624m in tax to Belgian authorities.

Having failed to appoint an auditor in time for its annual meeting in September, Sports Direct was forced to notify the government but did not ask for help as it was still running the tender process.

RSM took over from Grant Thornton as Patisserie Valerie's auditor this year after the chain uncovered a £20m black hole in it accounts. It is the seventh largest business advisory firm in the UK and the sixth largest globally.

At 1530 BST, Sports Direct shares were up 0.1% at 320.40p.