T Clarke has revealed it has reached a deal which will see the company recoup some money that was fraudulently stolen by a former employee.

Last year, the firm discovered up to £3.3 million had been stolen from it's DG Robson Mechanical Services subsidiary.

In an update today, 17 July, the company announced it has reach an out-of-court settlement with a former employee of DGR and related parties "in respect of the misappropriated funds".

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The Group said: "Under the terms of the settlement agreement, the Company will receive aggregate cash payments of £1.43 million on or before 31 December 2017 (unless the Company agrees to an extension of the final settlement date) in full and final settlement of all claims by the Company and its subsidiaries against the individual concerned and related parties.

"The Company continues to pursue other third parties in order to recover the balance of the misappropriated funds. It is too early at this stage to estimate the quantum of any further recovery."

(LM)