Pret a Manger replaces audit firm
The restaurant chain has replaced the accountancy firm with rival Ernst & Young.
The shake-up was due to the brand’s plans to gear up for an autumn stock market float in America, as US governance rule requires any company to adhere to tough regulations.
The regulations include banning auditors from providing additional services, which the KPMG had been doing by carrying out financial projects in addition to its audit work.
Its private equity backer Bridgepoint has remained quiet over the potential listing, only announcing it is exploring a range of “opportunities” for the chain.
The Sunday Telegraph has seen documents showing that KPMG resigned as auditors this week. A source said it was to comply with Security & Exchange Commission (SEC) rules.
Meanwhile, a spokeswoman for Pret a Manger said, “After nearly 10 years of audit services from KPMG, we have decided to rotate audit firms in line with best practice and have appointed Ernst & Young.”
Photo credit: Pret a Manger Facebook page
