Pub giant J D Wetherspoon (JDW) has announced the end of its 34-year relationship with PwC, with the firm set to be replaced by Grant Thornton as external auditors following a competitive tender process
In a regulatory announcement, the FTSE 250 company said it intends to recommend the appointment of Grant Thornton to shareholders, for approval at the 2017 annual general meeting.
The statement said: ‘A competitive tender process, overseen by the company's audit committee, has been undertaken and has resulted in a recommendation which has been approved by the board. A description of the tender process will be included in the 2017 annual report and accounts. The board looks forward to working with Grant Thornton in the future.’
PwC will continue in their role and will undertake the audit for the year ended 30 July 2017, having been reappointed at the 2016 AGM.
The company said: ‘PwC has been JDW's auditor since 1983 and we thank them for their contribution as auditors.’
According to the 2016 annual report, JDW paid PwC a total of £217,000, made up of £186,000 of audit fees and £31,000 for other services.
Only 27 audits in the FTSE 250 have been held by the same audit firm since before 1990.
