An investigation has been launched into the disappearance of equipment worth over £20m at Speedy Hire.
The Newton-le-Willows-headquartered company discovered the loss following a count of its hire equipment before its 2023 audit.
The business said that the loss is expected to result in a one-off, non-cash write down of its balance sheet of non-itemised assets for the year to March 31, 2023.
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However, it added that it is not expected to impact its cash position or underlying profit performance.
A statement said: “The board has instigated an external investigation into the issue identified with non-itemised assets, including a review of controls and accounting procedures.
“In addition, management has strengthened the control environment for managing its non-itemised asset fleet, including weekly perpetual asset counts with additional internal audit focus, enhanced control over purchases and disposals, and monthly reconciliations against the fixed asset register.
“These actions will be further considered in conjunction with the findings of the external investigation, including any further changes to controls and processes as appropriate.”
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