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Arcadia slams ‘unbalanced’ and ‘unfair’ BHS report

Arcadia owner Taveta Investments has slammed the Financial Reporting Council’s (FRC) report into the 2014 audit of Taveta and BHS, saying it was “unbalanced” and “unfair”.

In the report the FRC said BHS auditor PwC made “incomplete, inaccurate and misleading” statements about its ability to continue after Sir Philip Green sold the chain.

Taveta has responded saying the report gives an “incomplete and potentially misleading picture” into BHS’s affairs.

Taveta said it provided “significant financial support” to BHS while it was under its ownership, but said the report fails to “make any reference to the fact that [PWC auditor] Mr Denison was aware that substantial assets would also be made available to BHS as part of any sale.”

Taveta said the report fails to “accurately reflect the actual position, and as a result is unbalanced and potentially unfair” to Taveta.

 

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