Clean sweep at Trocadero
Friday 25 July 1997
Both Mr Conlan, one of the founders of First Leisure and until recently its chief executive, and Mr Tamblyn, a former executive director, stepped down from the bowling alleys to Blackpool Tower group earlier this year after Michael Grade, the former Channel 4 chief executive, moved up to become executive chairman.
The two new directors are being given shares and options as part of an incentive scheme which could give them somewhere between 6 and 7 per cent of the company after three years. Shares worth pounds 1.37m will be held in an employee share ownership plan, with options over a further 20 million shares at the current share price of 18.25p, exercisable only if the share price doubles or earnings exceed 2.25p. Mr Conlan, paid pounds 403,000 last year at First Leisure, starts on a basic salary of pounds 300,000.
The latest appointments come in the wake of a deal worth up to pounds 210m to sell the Trocadero and London Pavilion properties back to Nigel Wray's Burford, the property group out of which the Trocadero group was spun in November 1995. But the shares, listed on the Alternative Investment Market, have been in almost continuous free fall since the middle of last year, when they peaked at 79.5p, after bigger-than-expected losses at the Segaworld entertainment centre. Yesterday they were unchanged at 18.25p, an all-time low.
Mr Conlan said yesterday there was "tremendous potential" in Trocadero. They would use its net cash of pounds 73m to develop the group in outside retail leisure.
Nigel Wray, former chairman, and Nick Leslau, acting chief executive, step down.
- 1 Man on naked bike ride gets ejected after becoming aroused
- 2 Charles Kennedy dead: Former Lib Dem leader dies at home aged 55 - latest news
- 3 Ayyan Ali: Pakistan's top model now appears in the courtroom rather than on the catwalk
- 4 Fifa corruption: Europe plots to stage an 'alternative World Cup' in place of Russia 2018
- 5 Jaden Smith wears gender fluid dress to high school prom with Hunger Games actress
Photographer who performed naked shoot in China's Forbidden City sparks outrage
Ed Miliband returns to the backbenches but it's all a bit awkward as he tries to avoid eye-contact with fellow Labour MPs
Man on naked bike ride gets ejected after becoming aroused
Charles Kennedy dead: Former Lib Dem leader dies at home aged 55 - latest news
Isis tortures 14-year-old Syrian boy and films it in graphic video for 'propaganda purposes'
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Why this year's general election was the most unfair in Britain's history
iJobs Money & Business
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...
£25 - £30K: Guru Careers: We are seeking a highly-motivated and ambitious Comm...