Quindell calls in PwC to help review accounting policies

Quindell has asked PwC to carry out an independent review of its accounting policies and cash generation expectations for 2015.

The struggling claims outsourcing group has announced the move which will concentrate on Quindell’s Noise Induced Hearing Loss business.

David Currie, the company’s interim non-executive chairman, said that the appointment of PwC was the natural next step to “give additional support to the Board’s confidence in the business” and that it would assist in assessing future strategy and outlook. He also confirmed that the search for a permanent chairman, following founder Rob Terry’s departure in November.

Robert Fielding, the group chief executive, said that the group’s business remained “robust”.

“We believe we have sufficient resources to deliver on management’s plans,” he said. “I would like to take this opportunity to thank all of the group’s staff for their hard work and professionalism and for the notable support of customers and suppliers over the past few weeks. I believe that we have a strong business, with great people and we look forward to the future with optimism.”

Quindell’s board has also said that it is satisfied with the overall trading performance of the Group throughout a period in which “a number of distractions have been encountered”.

Towards the end of November the company had been forced to deny a report that it had lost a major contract with a claims management company.

Mark Dugdale