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05 Feb 2010
An accountant-turned managing director stands to reap £1.75m from a takeover of a leading pet care provider.
Paul Foden, managing director of ByoFresh, who was once a chartered accountant with Arthur Andersen, will receive the bonus as part of a take over agreement.
ByoFresh has been acquired by anti-microbial hygiene company ByoTrol.
In a statement, ByoTrol said it had “entered into a service contract with Mr Foden which will permit him, subject to certain profit and revenue targets, to earn bonuses of up to a maximum, in aggregate, £1.75m, which will only be achieved if ByoFresh achieves a significant uplift in performance both against historic measures and the Board's forecasts in the three years following completion.
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