A CHAOTIC annual general meeting at Revolution Beauty saw a trio of senior board members get their marching orders — only to be rehired a few hours later.
Fast fashion retailer Boohoo, Revolution Beauty’s largest investor, voted to dismiss the chief executive, the chairman and the finance boss on Tuesday.
As the largest investor, Boohoo voted to dismiss Revolution Beauty’s chief executive, chairman and finance boss
But sole remaining Revolution Beauty director Jeremy Schwartz brought the trio back to continue in their roles
But then Jeremy Schwartz, the one remaining director, brought the trio back to continue in their roles.
Boohoo called the reinstatement “an abuse of process” and “self-serving”, accusing the board of not acting in the best interests of the shareholders.
Revolution Beauty justified the tactics, saying it allowed the company’s shares to restart trading after being suspended since an accounting scandal last year.
Shares in Revolution rose 29 per cent yesterday to 24.5, valuing the business at £75million compared to its £500million listing just two years ago.
Boohoo, which has a 26.6 per cent stake in the beauty firm, wants to install two of its own candidates.
Experts warn that feisty shareholder shenanigans like these could become much more common in boardrooms.
Yesterday, tech firm Nanoco faced a second attempt from hostile investors who are calling for a full boardroom clearout.
Rebel investor Tariq Hamoodi, an amateur boxer with a five per cent stake, has criticised the board’s independence.
And yesterday Blackwells Capital called for the removal of the directors of London-based New York listed towers business, IHS Holding.
So far this year, 24 UK companies have been targeted by activists, according to exclusive figures for HOAR by Alvarez & Marsal.
Half of these campaigns have called for management changes.
Malcolm McKenzie at Alvarez & Marsal said strong shareholder rights “mean activists are more at home here than anywhere in Europe and believe they have a good chance to be a catalyst for change.
“With inflation and the rising cost of capital, we can expect to see a wave of UK Boards being challenged over the next 12 months.”
PUN POLL REVEALS CHIP QUIP
SUN Business loves a pun — and so do business owners, a poll has revealed.
A survey looking at more than 5million registered names on Companies House has found the most commonly used puns in business — with chippies the most fond of wordplay on their doors.
A survey has found that chippies are the most fond of wordplay on their doors
The study by Monzon found “Frydays” is the most popular pun for fish and chip shops, common to 23 businesses, while Oh My Cod featured in 11 of the eateries’ names.
Salons also have a penchant for a pun with seven “Ace of Fades” and four “Sweeping Beauty”.
My personal favourite is a salon in New Cross, South London — curtly called, “Curl Up and Dry”.
OCADO IN MILK CUT
UPMARKET grocer Ocado is cutting the price of its milk to beat its supermarket rivals.
The online-only brand, which requires shoppers to spend a minimum £40 for delivery, is reducing the price of four pints of milk to £1.45, 10p lower than the rest of the market including Aldi and Lidl.
It comes as the wholesale price of dairy has started to fall.
Ocado has also cut prices on 100 everyday essentials by between 10 per cent and 25 per cent to match Tesco prices.
RADU-CAR-BOOM
PORSCHE bosses celebrated the sportscar’s success yesterday, after becoming Europe’s most valuable car brand a year on from its stock market listing in Frankfurt, Germany.
The business, which last year hired tennis star Emma Radacanu as an ambassador for its 911 model, said it was on track to make up to £36billion in sales in the next year and profit margins of 20 per cent.
Porsche is on track to make £36billion in sales next year and profit margins of 20 per cent
The business hired tennis star Emma Raducanu as an ambassador for its 911 model
Over 170,000 private investors bought shares in Porsche’s listing last September, with shares having gained a third since then.
It takes the firm’s total value to £39billion, compared to rival Aston Martin’s £2.4billion.
UK SALES ARE BAGS WORSE
SALES of Mulberry handbags are weaker in the UK than the rest of the world.
And the British luxury brand blames the ending of VAT-free shopping for overseas visitors.
Luxury handbag brand Mulberry blames ending of VAT-free shopping for overseas visitors for weaker sales in UK than rest of the world
The handbag business — known for its Bayswater and Alexa bags — yesterday posted a four per cent rise in annual sales to £159.1million.
But its profits fell by 38 per cent to £13.2million.
That was partly due to the company shutting its store in London’s Bond Street after footfall slumped.
UK takings are flat — despite sales over the past 12 weeks rising by six per cent on last year.
Chief Executive Thierry Andretta said the brand suffered “a dramatic drop in footfall and sales” when tax-free tourist shopping was scrapped by the Government.
Non-EU visitors were eligible for the VAT bonus until January 2021.
Tax-free sales at air and sea ports also ended.
COAL SET TO FIZZLE IN WINTER
THE UK will have to cope without coal power to keep the country running this winter.
National Grid said yesterday coal plant operators Drax and EDF will not be making their units available for emergency back-up.
They have begun to decommission them.
The UK has tried to reduce its use of coal to meet climate change targets.
But last year’s energy crisis raised fears that there would not be enough imported energy from Europe.
A cold day could trigger a shortage of power — and potentially rolling blackouts.
As a result National Grid asked that four units due to shut remain open to provide electricity if needed.
But only one will be available this winter.
