CITY WHISPERS: Superdry’s Unconventional Rent Arrangement
An intriguing discovery has emerged from the latest financial records of popular clothing brand Superdry. It appears that Julian Dunkerton, the company’s CEO, has been charging significantly below market rent for properties leased to Superdry at its Cheltenham headquarters through his personal pension fund.
This unique practice, which has been ongoing for over a decade, was only brought to light after RSM took over as Superdry’s new auditor, replacing Deloitte last year. This revelation led to a provision of £1 million on the company’s balance sheet, adding to the challenges that Superdry is already facing due to the economic slowdown affecting the retail industry.
Interestingly, this revelation could potentially explain why Superdry’s stock was briefly suspended from trading last month when the company mentioned that it was working with RSM on finalizing the audit of its full-year results.
It’s remarkable what a fresh set of scrutinizing eyes can uncover.
BIIB’s Delayed Account Publication
In a perplexing move, the Asian Infrastructure Investment Bank (AIIB), in which the UK has a £2.5 billion stake, has not yet published its latest set of accounts on its official website. This delay is striking considering the AIIB’s claim to uphold the highest standards of multilateral governance.
With the bank’s 100-plus members gathering in Sharm El-Sheikh, Egypt for their annual meeting this week, it is crucial that the AIIB acts promptly and releases its accounts in a timely manner to maintain transparency.
Liz Truss Faces Criticism for PR Campaign
Liz Truss, former Prime Minister, recently attempted to regain the political spotlight by outlining a series of policy ideas, which notably included tax cuts. Truss asserted that her proposed mini-budget would have saved the Treasury £35.5 billion if she had not been removed from office.
However, Truss’s PR campaign has faced unexpected criticism. In a tweet, she claimed that companies like AstraZeneca had relocated due to high corporation tax. This statement was promptly corrected by a source within the pharmaceutical company, who pointed out that AstraZeneca remains headquartered in Cambridge and that Truss’s team failed to verify the correct spelling of the company’s name.
Seems like history is being rewritten here!
Darktrace CEO Takes Pay Cut
In an unusual turn of events, Poppy Gustafsson, CEO of cyber-security firm Darktrace, voluntarily took a pay cut of £10 million. According to the company’s accounts, Gustafsson’s income decreased to £1.7 million from £11.3 million the previous year. Darktrace’s CFO, Catherine Graham, also experienced a significant decline in pay, dropping by nearly £8 million to £769,000.
The cause for this pay cut was due to one-off bonuses tied to Darktrace’s initial public offering in 2021. Unfortunately, investors did not benefit from the same fortune, as Darktrace shares dipped below their £2.50 flotation price earlier this year. However, they have since rebounded to £4.20.
An aide for Darktrace claims that the CEO’s remuneration remains well below the market value, although this statement may not be entirely convincing.
Contributor: Patrick Tooher
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