Second Asprey director quits

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The Independent Online

A second top-level management departure in little more than a month was yesterday announced at Asprey, jewellers to the Queen. The company's shares, under pressure all year, eased 1p to 77p.

Nick Harrington, finance director, will leave at the end of September. Early last month, Naim Attallah said he would next year vacate his position as chief executive of the company he once described as "the most luxurious gift shop in the world". A company spokesman said Mr Harrington, who was unavailable for comment, was leaving for personal reasons relating to his family. There had been no disagreement between Mr Harrington and other directors, or with shareholders.

His reasons for leaving also had no connection with the pending release of Asprey's results for the year to March.

Mr Harrington will be paid his contracted 12-month period of notice. The salary of the 44-year-old executive, who has been with the group for 14 years, is not yet being disclosed.

The stock market has already been pre-warned that the results will be a far cry from the previous year when profits climbed 18 per cent to pounds 25.4m before tax.

Trading has been affected by a lack of big-spending customers. Profits in the first half tumbled 75 per cent to pounds 3m.

The most optimistic of recent forecasts by analysts is for a profit of pounds 10m for 1994/95 and the most pessimistic pounds 6m.