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Frasers Group makes push to install Mike Ashley as boohoo CEO
Shirebrook-based Frasers Group has said there is a “leadership crisis” at fashion retailer boohoo, proposing the solution is to make its founder Mike Ashley CEO.
Frasers, which is the largest shareholder in boohoo group, with 27% of the issued share capital, has sent an open letter to the Board calling for a meeting of shareholders to vote on appointing Mike Ashley as a director and CEO, as well as Mike Lennon, a restructuring expert, as a director.
It comes after boohoo announced that John Lyttle would be stepping down as CEO, following five years with the Group, and amidst declining revenue. In its letter, Frasers critiqued the business’s Board, saying it has lost its ability to manage boohoo’s business and investments. In a statement to the London Stock Exchange, Frasers added: “Frasers is requisitioning a general meeting of boohoo to appoint Mr. Mike Ashley as a director and CEO of boohoo and Mr. Mike Lennon as a director of boohoo, to take effect without delay. Frasers firmly believes that these appointments are in the best interests of boohoo, its shareholders and its stakeholders.“The Board appointments proposed by Frasers are now the only way to set a new course for boohoo’s future. Frasers urges boohoo shareholders to vote in favour of its proposals.”
The boohoo Board is in the process of reviewing the content and validity of the requisitions with its advisers.Streets Chartered Accountants’ golf day secures hole in one for Air Ambulance
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He added: “Joining forces with an already outstanding organisation like Silvergate, expanding and sharing human, financial and equipment resources can only provide greater opportunities to support customer developments with timely innovation for wider product offerings.”
Founded originally in 1984, Silvergate Plastics became part of the Vita group before becoming independent again following an MBO in 2008. Tony Bestall, who led the MBO in 2008, said: “Owning Silvergate with my fellow shareholders for the last 16 years has been a real privilege. Seeing it now join forces with Prisma Colour is extremely exciting for the two companies. “The combined operation will become the driving force of the sector, offering an unrivalled portfolio and the best customer service the industry has ever seen. I’m very excited to watch it develop!” Prisma Colour was established in 1991, and has remained independent and owned by the same family, primarily supporting the rubber, plastics and associated industries with colour and additive concentrates.Powering up rail electrification could create 4,300 East Midlands jobs
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Nottingham City Council launches new housing strategy
- Enabling the building of new homes and regeneration
- Enabling people with support needs to live independently
- Improving housing standards while continuing the progress towards a carbon net zero future
- Making the best use of the available housing stock and supporting the development and acquisition of more affordable homes
- Preventing and reducing homelessness and rough sleeping