PwC will not compete to be the new auditor of online fashion group Boohoo, confirming media reports of a shift as the company rejigs its corporate governance apparatus following a report into working conditions at its suppliers.
Boohoo said PwC, which has been the group auditor since 2014, is still its auditor at this time and the audit committee has launched a competitive tender process for the company's audit.
Shares in Boohoo are indicated to open 3%-5% lower as per a premarket indicator.
The company last month accepted all the recommendations of an independent review, which found several failings in its supply chain.
The Financial Times newspaper had reported earlier this month that PwC has resigned due to concerns over reputational risk.
