Speedy Hire uncovers accounting problems, CEO steps down

LONDON, Nov 28 (Reuters) - British construction equipmentprovider Speedy Hire said its chief executive wasstanding down and that the finance director of its internationalunit had been suspended after it uncovered accountingirregularities.

The company said on Thursday that, based on the informationit had available, control processes within its internationaldivision had been repeatedly and deliberately circumvented.

Group Chief Executive Steve Corcoran will step down from theboard and leave the company at a date to be finalised, thecompany said.

Speedy Hire said the issues were limited to smallercontracts in its international division, which operates mainlyin the Middle East and accounts for 5 percent of group revenue.

It said the total financial impact of the misstatementswould amount to about 4.5 million to 5.0 million pounds,including to hit to pretax profit for the year to end-March 2014of about 3 million pounds ($4.9 million).

Speedy Hire said in a statement released after the marketclosed that its UK business was unaffected and that it hadappointed Addleshaw Goddard LLP to conduct an independent legalinvestigation.

Speedy Hire