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Boohoo confirms PwC is stepping down as auditor, shares slump

The AIM-listed firm was heavily criticised in a recent review of its working practices by Alison Levitt QC

Boohoo Group PLC -

Boohoo Group PLC (LON:BOO) has confirmed reports that PwC, its auditor since 2014, is stepping down.

In a statement, boohoo said that while PWC remains its auditor at present, it is not taking part in the competitive tender for the online fashion retailer's audit business recently begun by its Audit Committee.

“PwC signed an unqualified opinion on the Group's 2020 Financial Statements and having served as the Group's auditor since 2014, is not participating in this process”, boohoo said in a brief statement.

The AIM-listed firm was heavily criticised in a recent review of its working practices by Alison Levitt QC.

Her review stated that boohoo senior directors “knew for a fact” that there were very serious issues about the treatment of workers at factories it used in Leicester.

Boohoo has promised to implement a raft of measures to improve its governance performance though at the weekend there were reports the company's supply chain is facing another probe, this time from the National Crime Agency.

The NCA is reportedly investigating whether some of the company's suppliers were engaged in money laundering and VAT fraud.

According to the SundayTimes, the agency has received documents from whistleblowers giving details of the alleged misdemeanours.

Shares in boohoo tumbled 14% to 272p.

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Quick facts: Boohoo Group PLC

Price: 300.3 GBX

AIM:BOO
Market: AIM
Market Cap: £3.79 billion
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