News
Raymond Doherty 7 Mar 2019 04:39pm

On the Beach appoints EY as auditor

The travel agent has replaced KPMG with Big Four rival EY as auditor

In a statement to the London Stock Exchange, On the Beach said EY will take over today and audit the financial year ending 30 September 2019.

KPMG, the company said, had resigned as auditor but there are no matters that needed to be brought to the attention of members or creditors.

Last month On the Beach announced that Lee Ginsberg, who had recently resigned as deputy chairman of the troubled Patisserie Holdings, had stepped down from its board. It also revealed revenue growth of 20% in the four months to the end of January.

A spokesperson for On the Beach said, "KPMG were appointed in 2007. The mandatory firm rotation rules require all EU public interest entities (PIEs) to tender their audit contract at least every 10 years and change or rotate their auditor at least every 20 years.

"Audit tenure is measured from the point at which the company became a PIE, so for OTB this is 28 September 2015. However, as KPMG have been auditors to the Group for 11 years, the decision was taken to undertake a tender of the external audit."

It is the second time this week that EY has taken over as auditors from KPMG. Aston Martin Lagonda brought to an end a 12-year relationship with KPMG after it decided not to retender for the contract.

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