RSM Tenon Group has dropped PricewaterhouseCoopers as its auditor following a shareholder vote at the firm’s annual general meeting.
The two firms are currently embroiled in a row over the quality of PwC’s auditing which RSM Tenon says led to private equity firm HgCapital withdrawing a £140m offer for the firm.
HgCapital said it had “completely lost confidence in Tenon’s historic and current financial statements together with Tenon’s ability to forecast its future finances”.
Around 64 per cent of RSM Tenon’s shareholders voted against re-appointing PwC.
A statement from RSM Tenon says: “Resolution 9, to re-appoint PricewaterhouseCoopers LLP as auditors of the Company until the conclusion of the Company’s next AGM, was not approved. As indicated in the Annual Report dated 17 October 2012, the Board has considered whether to hold an audit tender process this financial year.
“Since then the board has decided to start this process. This will enable new auditors to be appointed well in advance of the year end to 30 June 2013.”