Wenham Major calls in advisers over 'irregularities'

Corporate restructuring specialists from Vantis are among the experts pitching to advise troubled Top 50 accountancy firm Wenham Major.

Vantis staff met with directors of Wenham Major and with officials of HBOS, the firm’s bankers, on Tuesday.

Wenham Major Global Capital Partners said last week that joint owner and director Ammar Azam had found ‘financial irregularities’ in the Wenham Major Private Client subsidiary. As a result of ‘preliminary findings’, the firm plans to ‘issue proceedings’ against John Joyce, executive chairman and founder of the private client business.

Joyces is reported to be in hospital and is unable to be contacted.

The task facing external advisers remains unspecified. No appointment had been made as Accountancy Age went to press. The firm’s priority is said to be a ‘business as usual’ footing.

An HBOS spokesman said: ‘It is not appropriate for us to comment.’

A statement from Wenham Major said: ‘The accounting practice is profitable, growing and meeting its operational and financial targets,’

The firm has grown rapidly and is 23rd in the Accountancy Age Top 50.