Speedy Hire boss quits over irregularities

Speedy Hire announced the surprise resignation of chief executive Steve Corcoran last night after the construction equipment provider uncovered accounting irregularities at its international division.

The firm said it had discovered "the mis-statement of a number of accounting balances" at the division, which operates many in the Middle East. The company said in a statement that current information indicated that control mechanisms were "repeatedly and deliberately circumvented".

The company said the issue "affect[s] a limited number of smaller contracts" and the total impact of mis-statements would amount to £4.5m-£5m.

Addleshaw Goddard LLP will investigate the irregularities, which the finance director of Speedy Hire's international division has been suspended.