KPMG apologises for botched Conviviality audits after collapse


KPMG apologises for botched Conviviality audits after being fined £3m over Bargain Booze owner’s collapse


Conviviality owned Bargain Booze and supplied drinks to restaurants and pubs. At its height it was worth £500m

Conviviality owned Bargain Booze and supplied drinks to restaurants and pubs. At its height it was worth £500m

KPMG has apologised after being fined £3million for botching Conviviality’s audits.

The Financial Reporting Council (FRC) said there were ‘serious’ failings in reviews of the hospitality group’s accounts.

Conviviality owned Bargain Booze and supplied drinks to restaurants and pubs. It was once worth £500million – but collapsed after an accounting blunder led to a fatal profit warning. 

The FRC said KPMG failings in 2017 and 2018 were ‘serious, spanned several significant areas of financial statements and related to a number of fundamental auditing standards’.

Jon Holt, UK chief executive of KPMG, said: ‘I’m sorry our work wasn’t good enough in this instance.’

Advertisement

Leave a Reply

Your email address will not be published.