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 for both staff and clients.

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

The Wenham Major statement said: 'The accounting practice is profitable, growing and meeting its operational and financial targets.'

The firm has grown rapidly and is 23rd in the 2007 Accountancy Age Top 50 with a turnover of £22.2m. Last year the firm booked at least £10.5m from tax advice. the firm had only entered the Top 50 for the first time the previous year with a turnover of £9.9m.

Wenham Major was founded in 1867 and was the subject of an MBO involving Joyce in 2005. As well as London and Birmingham the firm currently has offices in New York, Dubai, Shanghai, New Delhi and Geneva.