Fresh blood at Ross Group
Thursday 06 April 1995
Mr Evans, owner of the private corporate entertainment group THG Worldwide, is subscribing £325,000 for a stake of just under 5 per cent in Ross and is assuming the role of chief executive. He is bringing with him as non- executive directors Thomas Melvin, currently head of taxation at British Gas, and David Powell, legal adviser to PA Consulting.
Tony Schofield, the finance director, and Roger Bampton are leaving the board, following in the footsteps of one of Ross's founders, Ross Marks, who resigned in November. Noel Hayes is staying on as non-executive chairman.
News of the shake-up pushed the shares up 0.25p to 4.25p yesterday, still a long way from a high of nearly 128p in 1990.
Ross has fallen on hard times since a spending spree in the three years up to 1992 saw it splash out £23m for a number of acquisitions which led to large losses.
During the past year, the company has dumped pallet manufacture, closed a car hi-fi business and sold a travel accessories company and a supplier of in-flight products.
Ross lost £2.45m in 1993 and further restructuring costs are expected to lead to substantial losses for 1994, when it reports results in the next two months.
Mr Evans has yet to decide what he is going to do with Ross, but one possibility is that he will reverse THG into the group. He has spent the past 12 years or so building up THG, which organises conferences and corporate entertaining .
Turnover is now thought to be around £20m, of which somewhat over half arises in the UK.
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 4 Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
Asteroid narrowly scrapes past Earth: how to watch the closest space rock for decades as it flies by
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Greece elections: Greek PM Alexis Tsipras takes aim at 'neo-liberal' Europe as country gears up for prolonged austerity battle
Pornhub star Mia Khalifa receives death threats after being ranked the site's top adult actress
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
Leaked documents show Ukip leaders approve NHS privatisation once it becomes more 'acceptable to the electorate'
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...