Date: 18 July 2022
FRASERS GROUP PLC ("Frasers Group" or "the Company")
FRC FINAL DECISION NOTICE RE: GRANT THORNTON
The Financial Reporting Council (FRC) has today published Final Decision Notices in relation to sanctions imposed on Grant Thornton UK LLP (Grant Thornton) and Mr Philip Westerman. These arise from specific aspects of their audit work in respect of Sports Direct International plc's (now Frasers Group's) financial statements for the years ended 2016 and 2018.
The FRC's investigation and findings relate to Grant Thornton and Mr Philip Westerman only. As is made clear in the FRC's Final Decision Notices, there are no criticisms of Frasers Group, no issues in relation to Frasers Group's historical financial statements and no findings that there were any undisclosed related party transactions within the Group.
Frasers Group always makes clear that its accounting principles are being conservative, consistent and simple. Frasers Group tries as far as possible to be fully transparent with the market on its financial disclosures. Even though Frasers Group believes it was technically correct in its disclosure of related party transactions, with hindsight further disclosure within the accounts might have avoided this particular aspect of The FRC's investigation of Grant Thornton and Mr Philip Westerman.
Ends
Frasers Group plc
Thomas Piper, Company Secretary T. 0344 245 9200
LEI:213800JEGHHEAXIJDX34 E. investor.relations@frasers.group
Chris Wootton, Chief Financial T. 0344 245 9200
Officer E. financial@frasers.group
Ronnie Laffar, Head of PR & T. 07585 886189
Communications E. fgpr@frasers.group
Rosie Oddy, Brunswick Group, T. 07734 861279
PR Advisors E. frasersgroup@brunswick.com
Numis
Luke Bordewich T. 020 7260 1000
Ollie Steele
Duncan Wilson
Liberum
John Fishley T. 020 3100 2000
Kane Collins
Nikhil Varghese