Quantum Data Energy plc (LON: QDE) has issued a detailed response to the unexpected resignation of its former auditor, Crowe UK LLP, firmly rejecting the reasons cited for the departure and signalling that it may pursue legal action over the matter.
The company said Crowe’s resignation, announced on 29 April 2026, came as a surprise given that the audit was reportedly well advanced and on track to meet the London Stock Exchange reporting deadline of 30 April. According to Quantum Data Energy, no prior indication had been given that completion of the audit was at risk.
Management stressed that Crowe’s resignation applied only to the listed parent company and not to the group’s project special purpose vehicles or subsidiary companies, where Crowe remained engaged as statutory auditor.
In a strongly worded statement, the board said it “categorically refutes” the reasons provided by Crowe and criticised the auditor’s explanation as lacking specific detail. The company revealed it has repeatedly sought further clarification but has yet to receive what it considers a satisfactory response.
As a result, the board has sought legal advice and is reviewing its rights regarding Crowe’s conduct, while reserving all options available to the company.
Quantum Data Energy also highlighted that both its newly appointed auditor and the UK’s Financial Reporting Council (FRC) reviewed Crowe’s resignation statement and the company’s response before approving the appointment of the replacement auditor.
The company stated that Crowe delivered its resignation just two business days before the annual reporting deadline, despite allegedly having continued discussions regarding audit completion only days earlier. Management claims that neither the audit committee, board nor senior executives were warned that resignation was being considered.
According to the company, communications from Crowe as recently as 23 April referenced plans to complete the audit process and schedule final meetings with the audit committee.
Quantum Data Energy also sought to reassure investors regarding its regulatory standing, emphasising that neither the company nor its directors are subject to any regulatory investigations, sanctions or court proceedings. The board stated it has consistently complied with all relevant Companies Act, Financial Conduct Authority and UK Listing Rule requirements.
The company further noted that all major corporate activities, including its July 2025 prospectus, were undertaken with the appropriate regulatory approvals.
While the auditor dispute has resulted in a temporary suspension of trading in the company’s shares pending publication of audited accounts, management said work with the newly appointed auditor is progressing and that efforts are focused on finalising the audit and restoring the company’s listing as soon as possible.
For investors, the statement represents an unusually robust public defence against an auditor resignation. The immediate focus will now be on the completion of the 2025 audit, publication of annual results and the eventual lifting of the share suspension. Any further developments regarding the dispute with Crowe or the audit timeline are likely to be closely monitored by the market.
