Two senior directors leaving Lionheart
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.TWO senior directors of Lionheart, the troubled building products supplier, have resigned, writes Robert Cole.
David Kay, finance director, and Hedley Railton, operations director, were victims of cost-cutting in an attempt to reverse the company's disappointing performance, a spokesman said.
Lionheart said the annual head office saving was pounds 400,000. Cuts in other expenses and in jobs would reduce overheads by pounds 2m.
Mr Kay's responsibilities will be taken over by his deputy, Mark Walker. Michael Tuttle, a non-executive director, is also leaving.
Each director will receive a year's pay. The 1993 accounts show Mr Kay and Mr Railton were paid between pounds 120,000 and pounds 150,000.
Lionheart supplies home improvement retailing outlets such as B&Q, Texas, and Sainsbury's Homebase with a range of products including paint brushes and bathroom accessories.
Costs of the restructuring and results of the poor trading environment will hit profits. Albert E Sharp, the stockbroker, estimates Lionheart will make pounds 500,000 pre- tax profit for the year to December against pounds 1.7m last time.
The shares fell from 8.75p to a five-year low of 7p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments