When Graham Norfolk, chairman of buy-and-build software and services play, Accumuli, said earlier this year that he looked forward to providing further updates on the company’s M&A strategy after its acquisition of West Yorkshire-based Boxing Orange (see Accumuli accumulates security services provider), I don’t think this was exactly what he had in mind.
It transpires that a half-million pound hole has appeared in Boxing Orange’s balance sheet, which has since led to the exit of its Financial Controller and an ongoing police investigation. Accumuli FD, Ian Winn, assures investors that this has not impacted trading performance nor will there be any net financial loss. Of course, they have also renegotiated the vendors’ earn-out.