Phoenix IT 'looks up for sale' as it replaces boss

The scandal-hit computing firm Phoenix IT Group has parted ways with its chief executive, David Courtley, and dumped its auditor, Deloitte.

It said the resignation was unrelated to allegations of "accounting irregularities" which could result in a £14m hit. Peter Bertram, the chairman, steps up to be executive chairman, and PricewaterhouseCoopers replaces Deloitte.

The shares rose 37.5p to 303.5p.