Breaking finance and business news, tax information, jobs and more for finance directors and senior finance professionals.

Governance

Jewson sacks director in fraud probe

Wednesday, 14 May 2008

Building materials retailer Jewson has fired sales director Tony Newman after alleged £1m fraud.

Police arrested Newman three weeks ago after its internal audit department raised the alarm.

No charges have been brought, however, and Jewson said it was assisting the police with its ongoing investigation.

In a statement Jewson confirmed that accountants reported irregularities relating to a possibly fraudulent supply and procurement of marketing services

The retailer said that Newman, who was based at the firm's head office in Binley, Coventry, was dismissed on 18 April along with an unnamed member of staff who had been with the company for less than two weeks.

“This matter, which relates to the fraudulent supply and procurement of marketing services, has now been passed to the police who are conducting a detailed investigation with our full cooperation and support,” according to a statement.

Jewson said it could categorically state that no customers are or have been in any way involved with this matter. It declined to comment further at this time in light of the ongoing police investigation.

With over 500 branches across the country, Jewson is the UK’s leading supplier of timber and building products to the trade and general public. The firm's first branch opened in Cambridgeshire in 1836.

Jewson was acquired by the French conglomerate Saint-Gobain in April 2000 and employs 18,500 people in the UK.

Related articles