Accountants probe Huntsworth books

LONDON: A new management board at troubled marketing services firm Huntsworth Group has hired accountants Ernst & Young to help assess the firm's finances.

LONDON: A new management board at troubled marketing services firm Huntsworth Group has hired accountants Ernst & Young to help assess the firm's finances.

LONDON: A new management board at troubled marketing services firm Huntsworth Group has hired accountants Ernst & Young to help assess the firm's finances.

The accountants were brought in by former Shandwick founder Lord Chadlington, who is part of the new board.

The Huntsworth Group's original board was replaced last week, following a meeting called by shareholders. Six directors were removed, and Chadlington was installed as a non-executive director.

The company has failed to pay a dividend since 1990. 'None of us are taking a salary,' Chadlington said, 'so by replacing the board we are saving, pounds 1 million a year.'

The Huntsworth Group owns PR agency Holmes & Marchant and houses an advertising agency, sales promotion firm and a design shop.

The company's revenue slumped from more than dollars 85.5 million 10 years ago to just over dollars 30 million last year. Shareholders have seen the stock price drop from over pounds 200 in 1990 to pounds 45 in July.

The PR division also under- performed, with fees growing only 1% as opposed to the UK industry average of 14%.

Chadlington, whose notice period at Shandwick ends this month, was reportedly angling to become interim CEO.



Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in

Would you like to post a comment?

Please Sign in or register.