Speedy Hire Takes Charge for Accounting Irregularities

The United Kingdom’s largest equipment rental company Speedy Hire said accounting irregularities at its international division would result in a charge of £2.7 million (about U.S. $4.5 million) against earnings for the fiscal year ending March 31.

Speedy said the amount was part of a total charge of £4.8 million plus fees for the irregularities, having taken the rest in previous periods.

Speedy said in a statement that the accounting irregularities “were the result of deliberate actions of a small number of employees – these employees have now left the business.”

Speedy announced the discovery of the accounting issues in its Middle East division in November, which led to the resignation of chief executive Steve Corcoran.  Mark Rogerson, who had been chief operating officer, has since been named chief executive.

Speedy Hire is based in Newton-le-Willow, Merseyside, U.K.