Hales shows the way for Bulmer's duo

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Related tags: Corporate governance, H. p. bulmer, Bulmer

Two top executives, axed by troubled drinks company HP Bulmer, are poised to take the cider maker to an employment tribunal for unfair dismissal. And...

Two top executives, axed by troubled drinks company HP Bulmer, are poised to take the cider maker to an employment tribunal for unfair dismissal. And as former chief executive Mike Hughes and departed finance director Alan Flockhart seek compensation, Tony Hales, former chief executive of Allied Domecq, has won £2.3m in an out-of-court settlement after a two year battle for compensation with the company. Both Bulmer's directors lost their jobs after a disastrous trading period, which was later followed by revelations of a £3.3m hole in the company's accounts. It is understood Bulmer's has refused to pay a single penny to either man, even though Hughes was on a two-year contract and could demand as much as a £1m compensation package. Templeman's £2.5m success fee Bulmer's current chief executive Miles Templeman has a contract worth up to £2.5m, including a salary of £275,000 a year plus bonuses and share options. Templeman is joined on the board by Richard Pennycook, who becomes finance director. Pennycook, 38, served three years as finance director of JD Wetherspoon, growing its market value from £150m to £700m in three years, before leaving in 1998. And, described in Hereford as "one of the first steps in our recovery plan," the Bulmer's Australian subsidiary has been sold for £22.5m. The buyer is the Foster's brewer, Carlton & United.

Related topics: Cider

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