Grant Thornton, which has audited the sporting goods retailer since its 2007 stock market flotation, will resign after the retailer’s annual general meeting in September.

According to the Financial Times, it decided to step down from auditing Sports Direct, one of its most significant clients, after the retailer failed to inform Grant Thornton of a €674m (£618m) tax liability until hours before it was due to sign off its annual accounts.