The firm will replace KPMG, which has worked with the bakery giant for decades.
Greggs announced it has decided to replace KPMG, its auditor of more than 20 years, with RSM, subject to shareholder approval.
“Whilst it appreciated the quality of all proposals submitted by the shortlisted firms, the audit committee considered that the submission and team from RSM UK Audit LLP better met the predefined criteria it had set. It has therefore recommended to the board that RSM be appointed as auditor, subject to shareholder approval, for the 2021 financial year onwards,” the chain’s audit committee stated in its latest annual report.
Greggs reported annual revenue of £811 million, down 36% year on year due to reduced sales during the pandemic. The group has over 2,000 UK shops including 328 with franchise partners and plans to open further shops in 2021.
RSM is the seventh-largest U.K. accounting firm with 2020 revenues of £356 million.
Do you know more about this story? Contact us anonymously through this link.