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Grant Thornthon settles with AssetCo for £28m

Accountancy firm Grant Thornton has revealed that it does not intend to seek permission from the Supreme Court to appeal against the judgment of the Court of Appeal (CoA) handed down on 28 August 2020.

In August Grant Thornton UK appealed against an order of awarding damages of just over £22.36m  to AssetCo plc for the negligent audit of its accounts for the years ended 31 March 2009 and 2010. 

However, the CoA upheld Grant Thornton’s appeal that AssetCo must give credit against its losses for a share issue in which the company raised approximately £7.5m. 

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AssetCo is primarily involved in the provision of management and resources to the fire and emergency services in the Middle East. 

In a statement released last week, 2 October AssteCo stated: “AssetCo is pleased to announce that it was informed today by Grant Thornton (GT) that it does not intend to seek permission from the Supreme Court to appeal against the Judgment of the Court of Appeal handed down on 28 August 2020.

The company is now entitled to be paid out approximately £28.6m from the monies GT previously paid into Court and to recover from GT the balance of its costs”.

They added: “After receipt of these monies AssetCo will have cash balances of approximately £55m and, after settling costs and liabilities, net assets in the region of £52m”.

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