Food group names chief
Tuesday 02 May 1995
N&P's previous chief executive, David Poole, left the company in October due to a clash of management styles. He is now suing the company for breach of contract and claiming compensation.
Mr Sims will be joining a group which has not enjoyed the best of fortunes of late. Its attempt to pioneer the warehouse club style of retailing in the UK failed and the three Cargo Club sites were sold to Sainsbury's for £45m in March The decision to sell came little more than a year after the concept's launch.
Most recently, the company has become embroiled in a squabble with its largest outside shareholder, the Dutch group SHV Makro, over a possible merger. Speculation continues that the Peacock family, which controls the lion's share of N&P stock, will sell out.
The company's recent financial performance has also concerned industry analysts. Last year's profits fell by half to £16.5m, hit by trading losses at Cargo Club and £4m costs relating to the conversion of cash-and-carry outlets to the TBW format, which also offers office supplies.
N&P says the decline in trade among independent food retailers, which form the bulk of N&P's customers, is coming to an end and that like for like, sales are increasing. It says the success of the National Lottery, launched last November, is drawing more customers into corner shops.
However, analysts remain unconvinced. One said yesterday: "It's good that they have filled the chief executive post, but we still have doubts about the overall strategy."
The shares finished 2p higher at 188p.
- 2 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Professional big game hunter Ian Gibson crushed to death by elephant during hunt
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
Yemen crisis: Meet the child soldiers who have forsaken books for Kalashnikovs
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Professional big game hunter Ian Gibson crushed to death by elephant during hunt
Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...