Frasers Group, founded by Mike Ashley, has invited Big Four firms to bid for its audit after years with mid‑tier RSM. The retailer’s push follows a 2019 audit fallout that left it labeled an “embarrassment to UK corporate governance.” Securing a top‑tier auditor is meant to signal that governance reforms have taken hold. The move also aims to reassure shareholders wary after 2022 profit warning.

RSM earned £3.1mn for last year’s audit, but the board says a Big Four is needed to handle the group’s growing complexity—international expansion, a sizable property portfolio and derivative‑driven stakes in rival brands. Earlier, a potential €674mn tax liability and delayed results prompted the regulator to question past auditors, driving the firm to seek a higher‑profile reviewer. and a more transparent reporting framework.

Michael Murray, Ashley’s son‑in‑law and current chief executive, has added an investor‑relations director and placed former regulator chief Sir Jon Thompson on the board to bolster credibility. The tender, planned for 2029, would give a new auditor time to unwind advisory work that could conflict with audit duties. A successful Big Four win would likely restore investor confidence and ease share‑price pressure.