French Connection Group PLC - London-based fashion retailer - Says UK Financial Reporting Council has launched a probe into the audit conducted by Mazars of the retailer's accounts for the financial year that ended January 31. Notes that the decision was made at a meeting of the accounting watchdog's Conduct Committee on July 20, with the investigation to be carried out by the FRC's Enforcement Division.
It comes after French Connection on Monday agreed a GBP29 million takeover by a consortium that includes its second-largest shareholder, with Founder & Chair Stephen Marks announcing he will step down once the deal concludes. The consortium includes KJR Brothers Ltd and Amarjit Singh Grewal, as well as second-largest French Connection shareholder Apinder Singh Ghura.
Current stock price: 29.01p, down 0.7% on Wednesday
Year-to-date change: up sharply from 10.18p at end of 2020
By Will Paige; willpaige@alliancenews.com
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