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Administrators at lesbian dating app team Iconic accused of leaping ship and leaving collectors in the lurch

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Dating app directors accused of leaving creditors in the lurch
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his post is the subject of a lawful complaint.

The directors of a media business guiding youth web-sites and the lesbian dating app HER ended up nowadays accused of leaping ship to an linked enterprise, leaving shareholders and creditors out of pocket.

Expenditure fund EHGO now called for them to remedy for their actions to British isles regulators or a court docket of legislation.

The row is more than a loan EHGO made to Aim-outlined Iconic Labs, which it then lent on to a third firm established up by Iconic’s controversial previous manager David Sefton. The mortgage was manufactured so Sefton’s company could buy a organization called JOE Media, which Iconic would then run less than agreement.

At first, EHGO claims it was at ease with the on-personal loan mainly because it retained the suitable to convert it into Greencastle shares, giving it protection.

Nonetheless, EHGO alleges Iconic’s directors broke that settlement.

Authorized action adopted, in the center of which, final week, the trio stop Iconic to do the job with Sefton at Greencastle.

Greencastle then severed Iconic’s administration arrangement around JOE.

The result, EHGO states, is that Sefton’s firm has ended up with the journal and the administration workforce whilst the mortgage that paid for it continues to be with Legendary. Iconic’s shares are now successfully worthless, leaving EHGO worrying about having its funds back.

EHGO reported: “It would feel the only functions who benefited from the amendments to the Greencastle agreement … have been David Sefton and, now they have remaining, John Quinlan, Liam Harrington and Sam Asante.”

EHGO additional: “These moves therefore seem to us to have been pre-planned in get to give the directors a lifeboat on which to bounce ship to Greencastle and elevate important problems about the directors’ compliance with their fiduciary duties as directors of Legendary.

“This follows their stewardship of Iconic in which they presided in excess of massive benefit destruction for shareholders and a collapse in the share rate of the firm, leaving the business in an just about worthless condition with substantial debts owed to its creditors.

“This whole episode raises important issues about their perform and the perform of David Sefton, questions which we count on they will now be necessary to response, no matter if in court docket or by the ideal regulatory authorities.”

The trio of directors stated they had resigned due to the “stalemate” in negotiations with EHGO and an activist trader. They stated that in their time there they experienced attained a significant turnaround for the organization.

Sefton give up as chief government of Legendary in 2019 soon after allegations about his conduct at an African oil corporation, which he denied.

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Former Argos manager John Walden discovered as new Yo! Sushi chairman

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Former Argos boss John Walden revealed as new Yo! Sushi chairman
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O! revealed on Friday that it has appointed former Argos manager John Walden as its chairman.

Walden has worked in the purchaser-dealing with retail sector for over two a long time on equally sides of the Atlantic.

He headed up Argos amongst 2012 and 2016, primary by way of the sale to Sainsbury’s, and as Bare Wines chairman oversaw the sale of Majestic Wines. Walden was also government chairman at Holland & Barratt pursuing its acquisition by LetterOne.

The Japanese fusion meals huge – famed for staying the to start with to carry conveyor belt sushi to the Uk – stated Eric Nicoli, who joined YO! as chairman in 2015 after it was acquired by Mayfair Private Fairness, is “stepping down to go after other passions”.

Yo! now sees around 75% of its revenues in North The us, where by the firm’s Bento Sushi model is marketed in supermarkets and canteens.

Richard Hodgson, main govt officer of the YO! group, said: “As we now start out to arise from the pandemic, we see major prospects to even further development our multi-channel tactic and I am delighted that John has agreed to join our board as chairman at this time. He brings with him intensive working experience from both of those sides of the Atlantic which will be priceless as the group moves to the up coming phase of advancement.”

He added: “I want to thank Eric for his purpose in the transformation of the team above the previous six yrs and wish him all the best with his long term jobs.”

Walden said: “It’s incredibly thrilling to be signing up for the team at this phase in its advancement. Richard and the workforce have produced a foodstuff group like no other, and there is however a lot to perform for.

“I am excited about bringing my working experience to the board and supporting Richard and the management crew as they glance to capitalise on this option.”

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