nav search
Data Center Software Security Transformation DevOps Business Personal Tech Science Emergent Tech Bootnotes

Managed services biz hires 'forensic' beanies to review dodgy accounting

Redcentric exec: 'Past few days been challenging'. Ha, should ask your investors

By Paul Kunert, 16 Nov 2016

A bean counter and legal eagle are to pick over the financial blundering at managed service provider Redcentric, the London Stock Exchange-listed business has confirmed.

The CFO quit last week following the discovery of fiscal errors that would result in sweeping write-downs of historic profits, with the cost of correcting estimated to be at least £10m.

Accountant Deloitte and law firm Navarro will cast a magnifying glass over Redcentric's financial results to "carry out independent forensic investigations", the tech biz stated.

Veteran accountant Julian Llewellyn, a former beanie at tech distributors Exertis, Balfour Beatty and Greenenergy, has joined Redcentric as interim CFO following the exit of Tim Coleman.

"The past few days have obviously been challenging and difficult for everyone involved with Redcentric. Our priority now is to complete this review and report the findings to all our stakeholders together with our interim results," said chairman Chris Cole.

The public admission of serious financial flaws wiped more than 92 pence or 62 per cent off the share price on Monday 7 November. This led to a flurry of activity as investors jumped in to take advantage as others looked to bail. ®

The Register - Independent news, views and opinion for the tech sector. Part of Situation Publishing