Speedy Hire’s long serving Chief Executive has stepped down after discovery of accounting irregularities in the overseas operations.
But Mr Corcoran also led the ill-timed acquisition of Hewden Tools for £115m in 2007, which led to a series of rights issues and left the group carrying a net debt equal to three times earnings before interest, tax, depreciation and amortisation in the deepest downturn in construction in decades.
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