Steinhoff International Holdings relocated two units at the heart of its accounting scandal to the UK as the retailer embarks on a new phase of recovery after reorganising debt. Steinhoff Europe and Steinhoff Finance Holdings will move from Austria to Cheltenham, England — where the company’s UK business is based. The supervisory boards of both units have been redrawn, with Steinhoff CFO Philip Dieperink and commercial director Louis du Preez holding positions at the Europe division. Joining them is Richard Heis, a corporate restructuring specialist previously at KPMG hired by Steinhoff in February. The trio are part of the new leadership team charged with rescuing the owner of Poundland in the UK and Mattress Firm in the US after its share price collapsed and CEO Markus Jooste quit. Steinhoff won support in July from a majority of creditors to restructure €9.4bn of debt — a crucial step towards its potential survival. Auditors at PwC are investigating the company’s accounts with a ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now