A surprise boardroom purge at pub chain JD Wetherspoon has seen finance director Keith Down lose his job.
In a brief stock market statement, Wetherspoon’s announced that Down and chief operating officer, Paul Harbottle, would be leaving the company “in due course” and thanked both for their work over recent years.
City rumors are swirling over the reason for the move, with some analysts suggesting that the two may have been pushed following a row over the company’s plan to open pubs early in the morning for cooked breakfasts and coffee.
Down had built a reputation for cost control and stabilizing margins, according to The Guardian, whereas chairman Tim Martin’s aggressive expansion plans would have risked significantly reducing margins.
Martins has denied that the departures were connected to “ham and eggs at 7am” but it has still caused concern in the City, where shares fell 16.7p yesterday to 438p.
Meanwhile Stonegate Pub Company, which is currently without a head office executive team, has denied rumours that it had poached the two departees according to the Morning Advertiser.
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.