Groucho Club's non-execs resign in restructuring

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The Independent Online
There was high drama at the Groucho Club, a favourite haunt of London's luvvies and literary types, yesterday morning, when all 10 non- executive directors resigned from the board at the annual general meeting.

The Club, which is traded on Ofex, said its board of 13 had become too unwieldy, and that it needed to restructure in order to develop the business. Founded in 1984 and based at 45 Dean Street in Soho, the club is frequented by notorious showbiz figures such as Chris Evans, the DJ.

Tony Mackintosh, managing director, said yesterday that a consultant called in by the board to review the company's structure had made a series of recommendations, which focused on making the board a more manageable size. However, he stressed that the departure of the non-executive directors was entirely amicable.

"It was very cumbersome to get 13 people together to make complicated decisions," he added. "All the non-executive directors have resigned en masse. But it was an amicable solution. I have received very nice letters from the directors who have resigned and they'll remain as consultants."

The three executive directors who remain have also changed their roles. Mr Mackintosh himself will become executive chairman, with special responsibilities for company development, the club said in a statement. Mary-Lou Sturridge, general manager, will become managing director.

The shares closed up 5p at 160p.