Steinhoff appoints advisers as it battles through accounting scandal

 
Helen Cahill
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The group has rescheduled its annual lender meeting for 19 December (Source: Getty)

South African retail conglomerate Steinhoff has appointed advisers in a bid to fix accounting irregularities.

The embattled retail giant said today that it had hired Moelis & Company to lead discussions with its lenders. AlixPartners has been appointed to advise on Steinhoff's operations and its liquidity.

In a statement, Steinhoff said: "The group is currently focussed on safeguarding operational liquidity to continue funding existing operations throughout its various subsidiaries.

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"In this context, the group is asking for and requires continued support in relation to existing facilities from all its lenders to achieve an immediate stabilisation of the group's financing."

Steinhoff, which owns Poundland, was plunged into turmoil last week when it delayed its financial results due to accounting irregularities.

Its shares plummeted by 90 per cent following the announcement and the firm's chief executive, Markus Jooste, resigned with immediate effect.

This morning Investec warned that its profits could be trimmed by as much as three per cent due to its exposure to Steinhoff. The lender said it was largely exposed to Steinhoff's subsidiaries, rather than the firm itself.

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