Savoy directors resign from trusts
Thursday 15 September 1994
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.
Sales of the tablet are set to fall again, say analysts
Met Police confirm there was a 'minor disturbance' and that no-one was arrested
George Lucas criticises the major Hollywood film studios
Does Chris Grayling realise what a vague concept he is dealing with?
Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets
Parties threaten resort's image as a family destination
I Am Bread could actually be a challenging and nuanced title
- 1 Indian footballer Peter Biaksangzuala dies after injuring spine doing somersault celebration
- 2 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 3 Banksy arrest hoax: Internet duped by fake report claiming that the street artist's identity has been revealed
- 4 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
- 5 Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Banksy arrest hoax: Internet duped by fake report claiming that the street artist's identity has been revealed
'Russian submarine spotted' by Swedish military off coast of Stockholm
Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver allegedly kicks gay couple off for kissing
Amal Alamuddin calls for the return of the Elgin Marbles from Britain: 'Injustice has persisted for too long'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
iJobs Money & Business
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....
£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...
£27000 - £32000 Per Annum: Clearwater People Solutions Ltd: Our large charity ...