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
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.’