Staff leave in profits probe

TROUBLED SIG has said a number of employees will leave the business following disciplinary investigations relating to accounting irregularities and mis-stated profits.

Last month the building supplies group called in auditors from Deloitte and KPMG after a whistleblower identified issues at its UK insulation and interiors business, SIG Distribution.

This resulted in the discovery of ‘historical overstatement of profit’ for the financial year ending December 31, 2016, ‘as well as prior years’, SIG said at the time.

On Friday, the company said that while an investigation carried out by KPMG found no further cause for concern, ‘a number of employees are leaving the business’.

SIG also unveiled its full-year results, which saw losses narrow but the firm warn over a precarious UK market. Pre-tax losses came in at £51.2m in 2017, down from the £110m booked the previous year.