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Carter & Carter finds reason for financial irregularities

Training company Carter & Carter Group has discovered learner records as being a source of financial irregularities, which led to the suspension of its shares in October this year.

The quality of some apprentice learner records has been insufficient to support funding claims made to the Learning and Skills Council (LSC). Work carried out on behalf of the board also reveals deficiencies in learner records at the group’s skills division, including falsification of some supporting documentation. These issues are understood to be restricted to a north east skills programme, which is in the process of being closed down.

A full review of the company’s procedures is underway to confirm the extent of the issues and to ensure they do not occur again.

The groups other businesses, including employability and outsource services, continue to trade satisfactorily.

Until the review is complete, Carter & Carter Group are unable to publish results for the year ending 31 July 2007.

The group’s indebtedness was £131 million, as at 28 November 2007, and is likely to be higher than the current performance of the business is able to support.

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