Sweetbaum 'at fault.'(former Wickes chairman blamed for accounting practices)
Article Abstract:
Henry Sweetbaum, previously chairman of Wickes, has been blamed for accounting irregularities at Wickes. The company overstated profits by a cumulative figure of some 53 million pounds sterling due to suppliers' discounts being included as profits. Michael von Bretano, the new chairman of Wickes, has written to shareholders placing ultimate responsibility on Sweetbaum who is to repay 720,000 after tax. Trefor Llewellyn, previously finance director of Wickes, will repay a net 485,000 pounds.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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Wickes howler hits share price
Article Abstract:
Wickes' accounting irregularities have affected the company's share price which dropped by 0.4 pounds sterling to 0.69 pounds in Jun 1996 prior to trading in the shares being suspended. The irregularities mean that profits have been overstated. The company has been also affected by the performance of Hunter Timber which was acquired in 1988 and reported losses until a write-off which hit results in 1995. The company has to restore the confidence of shareholders as a priority.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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Smiths concedes it just can't do it all
Article Abstract:
WH Smith has sold a 50% stake in Do It All to Boots. Closure of the Do-It All retail business would cost some 200 million pounds sterling, and WH Smith paid Boots 50 million pounds to withdraw. Boots plans to shut down 33% of Do It All outlets since conditions are difficult in UK DIY (do-it-yourself) retailing. WH Smith plans to focus on the distribution of newspapers and its Waterstone's and Virgin Our Price businesses and expand abroad over the long term.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
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