Accounting watchdog the Financial Reporting Council has wrapped up its probe into Grant Thornton’s audit of sporting goods retailer Sports Direct for the year ended 24 April, 2016.
The FRC’s probe, which was initiated all the way back in November 2016, was allegedly prompted by reports of an undisclosed arrangement between Sports Direct and Barlin Delivery – the company owned by SDI founder Mike Ashley’s elder brother.
“Having considered the representations provided, the Executive Counsel has decided in the circumstances of this case that the test for bringing enforcement action is not met,” said the FRC. “Accordingly, the case has been closed. SDI was not the subject of the FRC’s investigation.”
Sports Direct’s parent company, Frasers Group, also owns House of Fraser, Evans Cycles and Jack Wills.
As of 0850 GMT, Frasers shares were up 1.16% at 739.50p.
Reporting by Iain Gilbert at Sharecast.com
