MEDIA: What the Papers say; Desperate bid to build confidence in Wickes

A quart pot of gloss would not be enough to put a shine on the tales of woe coming from DIY chain Wickes. They lasted a full week as further details emerged that the source of the allegations of false accounting was a disgruntled ex-employee. The board was seen to be acting in a timely manner as two directors resigned with alacrity.

A quart pot of gloss would not be enough to put a shine on the tales of

woe coming from DIY chain Wickes. They lasted a full week as further

details emerged that the source of the allegations of false accounting

was a disgruntled ex-employee. The board was seen to be acting in a

timely manner as two directors resigned with alacrity.



Luckily there was a prominent scapegoat in the form of chairman and

chief executive Henry Sweetbaum, and he went quietly at the same time as

England made their exit from Euro 96.



However there is a large job to be done to shore up the company’s

reputation - if it survives. Speculation mounted throughout the week

that the group, which was revealed to have seriously overstated profits

to hide trading deficits, was about to be pounced upon by the likes of

B&Q and Boots.



As Sunday Business said: ‘with zero credibility, the heart of the

company has gone.’ Now the accountants and lawyers are pawing the

remains of yet another fat cat.



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