The group noted in its 2014 annual report that, in line with best practice and new UK and EU guidelines, it planned to carry out a competitive audit tender process during 2015, having not done so since KPMG was first appointed in 1993.

This process has now concluded and PwC will take over as auditors with effect for the financial year ending 31 December 2016.

In a statement Grafton said: ‘The board would like to thank KPMG for their service as auditor to the group over a long period and looks forward to working with PwC in the future.’

According to its 2014 annual report KPMG was paid a total of £1.31m in fees. Of this, £725,000 was made up of audit fees for the group and its subsidiaries, and £585,000 for non-audit work including tax advisory. Grafton Group, which has recently started to expand overseas with moves into Belgium and Poland, has also announced changes to its board.  

Roderick Ryan, currently chairman of the audit and risk committee and senior independent director, is to step down from 31 December 2015 after almost ten years of service. He will be succeeded as chairman of the audit and risk committee by Paul Hampden Smith, who joined the board in August 2015. Annette Flynn, who joined the board in March 2011, becomes the new senior independent director.

Michael Chadwick, chairman of Grafton Group, said: ‘Roddy has been a non-executive director of Grafton since 2006. He has made a very substantial contribution to the board especially during the difficult years of the financial crisis.  His business experience and judgment have been of great benefit to the group. On behalf of the board, I thank him for his distinguished service and offer him our best wishes for the future.’

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