Update on 2019 accounts
The Board has concluded that publication of the Group’s 2019 financial statements is no longer
possible by the end of August 2020, as was previously anticipated.
Following review of the final report from Grant Thornton LLP on 3 August 2020, the Board and its
auditors, Deloitte LLP, extended the scope of the 2019 audit at consolidated Group and individual
The extended scope of the audit has identified further work on the Group’s corporate leasing division
and vehicle financing arrangements and the 2018 and earlier balance sheets to ensure correct
identification and allocation of adjustments. Further work is ongoing to finalise the 2019 accounts.
The Board is working with Deloitte LLP and its external accounting advisors to assess the impact of
these matters on the Group’s 2019 financial statements including restatement of prior year accounts.
The Board remains committed to ensuring the issues identified in the report are fully considered and
addressed and continues to work with the auditors to progress the finalisation of the 2019 audit as
quickly as possible.
The Board continues to believe that the likely magnitude of the potential restatements referred to
above will not prevent 2019 from remaining profitable at the underlying profit before tax level.
The Company remains in close dialogue with its banking partners.
This announcement contains inside information for the purposes of article 7 of the Market Abuse
Regulation (EU) No 596/2014
For further information:
Mark Raban, Chief Executive Officer Tel: 0161 291 0043
Tim Rowntree, Simon Hockridge Tel: 07709 496 125 / 07551 170 451