Mike Ashley’s Sports Direct has seen a 4.2% fall in share price this morning, after its auditor Grant Thornton quit the business.
The sports retailer saw its price drop to 227.8p a share.
At Sports Direct’s annual meeting earlier this month, they stated that they were holding a tender for its audit work. They stated: “In order to achieve an efficient and orderly handover, our current intention is to ask our shareholders to approve reappointment of Grant Thornton for one further year at the annual general meeting.”
However, Grant Thornton announced that they will not seek to be re-appointed at the company’s AGM on September 11. The firm had been Sports Direct’s auditors since 2007.