PracticeConsultingAndersen slates Caledonia

Andersen slates Caledonia

Big Five firm Andersen says investment company Caledonia is not suited to being a public company or an investment institution, following a report into its operations.

Andersen criticised the company’s management team, following poor growth in the value of its assets. The report found that over the past 13 years, Caledonia’s net asset value growth was just 3.5% compared with a base industry rate of 8.3%.

The firm said Caledonia has ‘no core competencies or sectoral expertise’, adding that the board’s £6.5m management costs were far too high.

The report was commissioned by the plc following a bitter dispute involving members of the Cayzer family, which owns 34% of Caledonia.

Some members of the Cayzer family, one of Britain’s wealthiest families, want the 150-year-old trust broken up. An egm has been called for Friday this week to support the motion.

Caledonia owns a large share of investment bank Close Brothers as well as a substantial stake in Sun International Hotels and has property interests across the UK and Europe.

Links

Practice focus: Keeping it in the family

Caledonia corporate website

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