T Clarke probes £2.8m theft by employee

Building services company T Clarke is investigating the theft of £2.8m by an employee.

In a statement to the stock exchange the contractor revealed that it was investigating “financial irregularities” in the accounting function of one of its subsidiaries, DG Robson Mechanical Services, and it would appear that the funds had been misappropriated by a single employee over several years.

The company said it has “taken appropriate action”, including the appointment of professional advisers to assist with its investigations and help recover the stolen funds. 

It said: “Investigations indicate that the incident is limited to DG Robson and does not impact the wider T Clarke Group. Our findings to date suggest that if anything the group’s historic trading results and balance sheet net worth may be understated to the extent that any of the misappropriated funds are recoverable.”

It added: “The board believes that any necessary accounting adjustments in the current period are unlikely to have a material adverse effect on the group’s results taken as a whole and, overall, the group remains on track to meet market expectations for the year, T Clarke said, adding that it still remained on course to meet full-year trading expectations.”

T Clarke bought Essex-based DG Robson in 2010 for £6.5m.

The company said it would provide an update in its next trading statement on 17 November.