FRP Advisory to carry out independent review into 鈥榬elated party issues鈥� that have delayed publication of accounts
Inland Homes has raised an extra 拢2.5m to meet its working capital needs and drafted in a forensic accountancy firm to probe the 鈥渞elated party issues鈥� that have prevented it from filing its accounts on time.
The troubled housebuilder, whose as a result of not filing its accounts on time, announced the completion of the latest fundraising this morning, with the funding used to meet its 鈥渨orking capital requirements鈥�.
This is on top of a previous 拢2.5m raised solely from company founder Stephen Wicks last month. It is not clear if Wicks is also the sole purchaser of the latest shares.
The firm also announced this week that it has drafted in forensic accountancy firm FRP Advisory to carry out an independent probe into the 鈥榬elated party issues鈥� that meant it could not publish its accounts before 31 March. The audit of the company, overseen by PWC is expected to complete in June.
The fundraising is the latest chapter in a torrid period for the 拢182m-turnover regeneration specialist. Last September it warned that it would make a loss of Then in January it revealed this figure had .
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Wicks announced his retirement last September but his replacement, former Galliard boss Don O鈥橲ullivan, quit in January
Wicks then , after chair Simon Bennett and board members Carol Duncomb and Brian Johnson, formerly the boss of housing association Metropolitan, resigned following the 鈥渞elated party issues.
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