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Primark ditches KPMG as it fast-tracks Italian expansion

Primark owner Associated British Foods has ended its relationship with auditor KPMG after 80 years, as the retailer reveals it will enter Italy a year earlier than planned.

According to the Telegraph, ABF will appoint EY (Ernst and Young) to conduct its accounting checks after a vote at this year’s shareholder meeting.

Chairman of the ABF audit committee Peter Smith said: “We thank KPMG for their strong contribution as the company’s auditors over many years and for the current year.”

Meanwhile the value retailer will open its first Italian store outside of Milan in 2016, a year earlier than expected.

John Bason, finance director, told the FT: “We’ve done a lot of work on the market and that gives us the belief that Primark will have real relevance for the Italian consumer. France has been Primark’s most successful market and the two countries, while different, are proximate.”

Primark will launch its first store in the US in September.

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