Savoy directors resign from trusts

TWO directors of the Savoy hotel group have ended the possibility of a serious conflict of interests by resigning as trustees of the powerful D'Oyly Carte and Savoy Educational trusts, writes John Shepherd.

Rowland Leigh, finance director of the Savoy, said: 'Given the current scenario it was felt best that they did not wear two hats. But there is nothing sinister in it.'

He added that their resignations had been on the cards for some time, and the timing of the announcement, given the recent boardroom turmoil, was purely coincidental.

The directors are Martin Radcliffe, who on Tuesday was appointed acting managing director following the ousting of Giles Shepard, and John Sinclair.

With several other trustees, they presided over 44 per cent of the high-voting 'B' shares and 8.3 per cent of the 'A'. Jane Thorn, an employee of the Savoy, has also resigned as a trustee of the D'Oyly Carte trust.

The voting power of the trusts has been used in recent years to scupper the takeover aspirations of the rival Forte hotel company. Forte controls only 42 per cent of the votes, despite owning more than 60 per cent of Savoy's shares.

Savoy also released results for the first six months of this year, showing it had benefitted from the sharp increase in number of tourists visiting London. Occupancy levels across the group, which includes Claridge's and the Berkeley, rose from 56 to 61 per cent.

Overall, turnover rose from pounds 37.8m to pounds 42.85m and losses of pounds 1.75m were turned into pre-tax profits of pounds 575,000. The result would have been better but for an additional pounds 350,000 insurance premium to cover terrorisim.

The interim dividend on the 'A' shares has been cut from 4p to 1.3p and on the 'B' from 2p to 0.6p.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Content Writer - Global Financial Services

£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...

Recruitment Genius: Web Developer - PHP

£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...

Recruitment Genius: Field Sales Consultant - Financial Services - OTE £65,000

£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...

Recruitment Genius: Loan Underwriter

£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...

Day In a Page

A groundbreaking study of 'Britain's Atlantis' long buried at the bottom of the North Sea could revolutionise how we see our prehistoric past

Britain's Atlantis

Scientific study beneath North Sea could revolutionise how we see the past
The Queen has 'done and said nothing that anybody will remember,' says Starkey

The Queen has 'done and said nothing that anybody will remember'

David Starkey's assessment
Oliver Sacks said his life has been 'an enormous privilege and adventure'

'An enormous privilege and adventure'

Oliver Sacks writing about his life
'Gibraltar is British, and it is going to stay British forever'

'Gibraltar is British, and it is going to stay British forever'

The Rock's Chief Minister hits back at Spanish government's 'lies'
Britain is still addicted to 'dirty coal'

Britain still addicted to 'dirty' coal

Biggest energy suppliers are more dependent on fossil fuel than a decade ago
Orthorexia nervosa: How becoming obsessed with healthy eating can lead to malnutrition

Orthorexia nervosa

How becoming obsessed with healthy eating can lead to malnutrition
Lady Chatterley is not obscene, says TV director

Lady Chatterley’s Lover

Director Jed Mercurio on why DH Lawrence's novel 'is not an obscene story'
Farmers in tropical forests are training ants to kill off bigger pests

Set a pest to catch a pest

Farmers in tropical forests are training ants to kill off bigger pests
Mexico: A culture that celebrates darkness as an essential part of life

The dark side of Mexico

A culture that celebrates darkness as an essential part of life
Being sexually assaulted was not your fault, Chrissie Hynde. Don't tell other victims it was theirs

Being sexually assaulted was not your fault, Chrissie Hynde

Please don't tell other victims it was theirs
A nap a day could save your life - and here's why

A nap a day could save your life

A midday nap is 'associated with reduced blood pressure'
If men are so obsessed by sex, why do they clam up when confronted with the grisly realities?

If men are so obsessed by sex...

...why do they clam up when confronted with the grisly realities?
The comedy titans of Avalon on their attempt to save BBC3

Jon Thoday and Richard Allen-Turner

The comedy titans of Avalon on their attempt to save BBC3
The bathing machine is back... but with a difference

Rolling in the deep

The bathing machine is back but with a difference
Part-privatised tests, new age limits, driverless cars: Tories plot motoring revolution

Conservatives plot a motoring revolution

Draft report reveals biggest reform to regulations since driving test introduced in 1935