According to The Telegraph, Deloitte, which had been auditing TalkTalk since August 2002, has resigned, as revealed in company filings.
A TalkTalk spokesperson claimed that the resignation was part of a planned rotation following the group’s breakup last year. As a result, RSM has been appointed as Deloitte’s replacement.
The move comes after billionaire founder Sir Charles Dunstone and other shareholders recently injected £235 million into the struggling firm to prevent its collapse.
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Although the emergency funding helped avoid a debt default, it will only cover operational costs.
The company secured debt refinancing at interest rates as high as 12.8%, however, some of these payments have been deferred under “pay if you can” clauses with lenders.
The telecoms giant is currently exploring a sale of all or part of its business after announcing plans to break up the group to unlock value. Previously, the company was in talks to sell a stake in its Platform X wholesale division to Australian investment firm Macquarie for up to £500 million, but the negotiations fell through earlier this year.
This prompted Sir Charles to inject more cash into the company.
Meanwhile, TalkTalk Wholesale boss Tom O’Hagan is currently reaching out to other companies in an effort to revive potential deal talks, the newspaper concluded.
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