UK's FRC to probe French Connection audit by Mazars

Britain's accounting watchdog said it had opened an investigation into the audit of fashion retailer French Connection Group by accountants Mazars.

The Financial Reporting Council (FRC) on Wednesday said it was probing the company's audit for the year to January 31, 2020.

"The decision was made at a meeting of the FRC's Conduct Committee on 20 July," it said in a statement.

French Connection, famed for its "FCUK" branding, on Monday said it said it had agreed to sell itself for £29m to the firm's second largest investor, Newcastle businessman Apinder Singh Ghura, who has a 25% stake after years of losses.