CITY WHISPERS: Bean counters reveal friends’ rates at Superdry
An unusual arrangement has emerged in the latest batch of accounts for clothing brand Superdry.
The personal pension fund of his boss, Julian Dunkerton, is apparently charging half the market rate to rent properties at the Cheltenham headquarters it leases to the struggling fashion retailer he founded.
The practice, which has been going on for more than a decade, only came to light after a new accountant, RSM, replaced Deloitte last year.
Mates rates: An unusual arrangement has emerged in the latest batch of accounts for clothing brand Superdry
It led to a £1m provision on the company’s balance sheet – something Superdry could well do without as it struggles with an economic slowdown hitting retailers.
The revelation may also help explain why the company’s shares were briefly withdrawn from trading late last month, when it said it was still working with RSM on the “final technical points” of its audit of its annual results.
It’s amazing what a new set of bean counters can unearth.
BIIB has yet to publish accounts
The Beijing-based Asian Infrastructure Investment Bank, in which the British taxpayer has a £2.5 billion stake, prides itself on upholding the highest standards of multilateral governance.
So it is strange that the lender has not yet published its latest bills on its website.
It better take action, as the bank’s more than 100 members are due to be in the Egyptian resort of Sharm El-Sheikh this week for their annual meeting.
Pushback for Liz Truss’s PR blitz
Liz Truss attempted to return to the political spotlight last week by putting forward a range of policy ideas, including (unsurprisingly) cutting taxes, while insisting her mini-budget would have saved the Treasury £35.5 billion if she had not been forced out of office.
But the former prime minister’s PR blitz provokes resistance from unexpected quarters.
In a tweet about the current regime, Truss claimed that ‘companies like Astra Zeneca have moved due to high corporate taxes’.
But a source at the pharmaceutical giant was quick to point out to Whispers that not only was this not true – the company is still based in Cambridge – but also that the Truss team had not bothered to check the company’s name contains a space (that is incorrect). ‘T). Talk about rewriting history!
Darktrace boss takes pay cut
It’s not every day that a boss takes a £10 million pay cut. So take a bow Poppy Gustafsson, CEO of cybersecurity company Darktrace.
The accounts show she took home £1.7 million, compared to £11.3 million last year.
Finance chief Catherine Graham also saw her pay fall by almost £8 million to £769,000. The reason? One-time bonuses linked to Darktrace listing in 2021.
Unfortunately, investors did not enjoy such generosity. Darktrace shares fell below their share price of £2.50 this year, although they have since risen to £4.20.
“Our CEO’s compensation remains significantly below market value,” an assistant says unconvincingly.
Employee: Patrick Tooher