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Manufacturing

North west car dealer Lookers warns of shares suspension as fraud probe nears

Bosses will likely have to suspend shares, potentially until the end of August, after a review into last year’s accounts by auditing firm Grant Thornton

Car dealership Lookers warned it might have to suspend its shares after the business discovered a potential fraud in its accounts.

The company said it will need more time than allowed under Financial Conduct Authority rules to finalise its 2019 accounts, following an investigation by Grant Thornton.

If the results are not published before the June 30 deadline, Lookers said it would have to temporarily stop investors from trading in its shares.

The dealership is also looking for a new auditor after Deloitte said it would resign from the position.

The moves come after another accountant, Grant Thornton, appointed to investigate the issues, shared a draft report on its investigation with Deloitte for review.

Shares dropped nearly 14 per cent to 27.11p per share this morning following a stock market update by the group.

The news comes as Lookers recently announced around 1,500 jobs are set to be axed – some 18 per cent of it workforce – and another 12 showrooms will shut as the group revealed plans to slash costs in the face of the coronavirus crisis and a tough car market.

Lookers, based in Altrincham, Greater Manchester with sites around the 海角视频, said it was launching redundancy consultations across all areas of the group, which are expected to see the jobs go among its 8,100-strong workforce.