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A well-established family business in Cornwall, specializing in taxi and coach hire services, has declared bankruptcy, r

2025-10-15 18:59:39 By

As per Companies House records, the firm initiated creditors' voluntary liquidation on December 18th, a legal procedure that permits the directors of an insolvent company to shut down operations voluntarily. Kim Richards and Richard Tonks from BK Plus, a firm in Walsall, West Midlands, were designated as the joint liquidators. The Gazette officially announced this development on Boxing Day. Financial records from Companies House indicate that Summercourt Travel, which was founded approximately two decades ago, has outstanding debts exceeding £908,000. These include a director's loan of £280,000 to a creditor, £137,000 owed to Funding Circle in London, nearly £31,000 to HSBC, slightly over £29,000 to HM Revenue and Customs, and almost £21,000 to Haydock Finance Limited in Lancashire. Other creditors encompass Cornwall Council, various vehicle companies, utility providers, and even Amazon for a sum of £43. Despite the liquidation of Summercourt Travel, its directors Robert and Sam Ryder, along with company secretary Sharon Ryder, are still managing Merlin Vehicle Rental and Travel Cornwall. These businesses are situated at the same address as the now-defunct Summercourt. Online inquiries for Summercourt Travel are automatically redirected to the operational Travel Cornwall website, as reported by Cornwall Live. The website portrays the company as a "locally based family-run business offering a range of transportation services including taxis, minibuses, executive cars, and coach and bus services." It further states that the company's central location is ideal for providing services across Cornwall and beyond. Efforts have been made to contact Robert Ryder, whose email still mentions Summercourt Travel, and the liquidators for further comments. A spokesperson for BK Plus Limited stated: "Summercourt Travel Limited went into Creditors' Voluntary Liquidation on December 18, 2024, with Richard Tonks and Kim Richards of BK Plus appointed as Joint Liquidators by the company's members and creditors. "Before our appointment, the company had stopped trading, leading to one of its clients taking over employment contracts for 24 of its staff, while the remaining six were laid off. "Post-appointment, the liquidators will now focus on converting the company's assets into cash, communicating with creditors, and, as per standard insolvency procedures, examining the circumstances that led to the company's collapse."

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Retail & Consumer2025-10-15 18:59:39

Black Friday's late timing blamed for 'disappointing' fall in retail sales

The latest survey indicates a disappointing onset to the festive period for retailers, with an acknowledgment that sales downturn may appear more severe due to the Black Friday event occurring outside the survey's timeframe. According to the British Retail Consortium’s (BRC) sales monitor, there was a 3.3 per cent decline in year-to-November sales volumes compared to the 2.3 per cent rise seen last year, majorly impacted by the timing of Black Friday this time around, as reported by City AM. "While the majority of November’s data tells a disappointing tale for the retail sector, this reporting didn’t include Black Friday week," remarked Linda Ellett, UK head of consumer, retail & leisure at KPMG, noting hopes that consumers waiting for late November deals might offset the bleak figures. However, despite the timing of Black Friday, BRC's chief executive Helen Dickinson pointed out it was "undoubtedly a bad start to the festive season". The reported data showed a year-on-year fall of 2.1 per cent in non-food sales, attributed to "low consumer confidence and rising energy bills" by Dickinson. She also observed that spending on fashion was "particularly weak", proposing that many households had delayed buying winter clothing. Food sales experienced a less dramatic year-on-year growth of 2.4 per cent in November, dropping from last year's 7.6 per cent increase. "Retailers will be hoping that seasonal spending is delayed not diminished," Dickinson commented. The survey contributes to a series of reports indicating an economic slowdown following the government's first Budget.

Retail & Consumer2025-10-15 18:59:39

Warpaint London set to acquire Brand Architekts in a £13.9m deal

Warpaint London, the cosmetics company known for its W7 and Technic makeup brands, has today informed markets of its agreement to acquire the entire issued and to be issued share capital of beauty brand specialist Brand Architekts. The terms of the acquisition state that each shareholder will receive 48p per share, valuing Brand Architekts at approximately £13.9m on a fully diluted basis—a 100% premium over the closing price of Brand Architekts' shares as of 4 December, as reported by City AM. In addition, Warpaint London has announced plans to raise funds through a placing and retail offer, aiming to secure £14m and £1m respectively. This move is part of Warpaint London's strategy to pursue "exciting and relatively low risk" investments to enhance growth prospects in the upcoming year. Sam Bazini, CEO of Warpaint, described the acquisition as an "attractive strategic opportunity" that will complement the company's existing portfolio. "Additionally, as part of a larger group we believe applying our established supply and distribution channels and approach to Brand Architekts will improve efficiency, reduce costs and drive profitability," Bazini commented. Warpaint London announced in September that trading in 2024 had been consistent with expectations, particularly noting a strong performance in the US due to a larger Walmart order. The company also revealed it was in "talks with other large new retailers in Europe, the US and the UK with a view to stock the group’s products." In 2025, the management anticipates further growth with the introduction of W7 colour cosmetics into a significant number of new Superdrug stores, as well as a 150-store expansion of the Group’s W7 impulse offering in Tesco stores However, in October, Brand Architekts reported a drop in sales as it shifted focus to fewer, larger brands. The firm posted an underlying loss of £0.4m compared to a loss of £1.2m for 2023, while its gross profit margin rose by 1.5 per cent to 41.2 per cent. Sales for the year ending 30 June were £17m, a decrease of 15 per cent from £20.1m in 2023. Roger McDowell, chair of Brand Architects, stated that the board "recognises the certainty of value" of the cash offer, especially in an uncertain economic climate. McDowell added: "The acquisition will strengthen the enlarged business for the benefit of all our customers, employees and other stakeholders."

Retail & Consumer2025-10-15 18:59:39

Train company says 'do not attempt to travel' as multiple lines closed

Train services in parts of England and Wales remain disrupted following Storm Darragh, with several lines closed due to fallen trees and debris. Great Western Railway said passengers should “not attempt to travel” between Swansea and Carmarthen until at least noon, or on the Looe, St Ives and Gunnislake branch lines in Cornwall until at least 11am. The Barnstaple and Okehampton branch lines in Devon are expected to be open by 8am following safety checks. Westbury and Chippenham stations in Wiltshire have reopened following storm damage, and services have resumed on the Falmouth branch line in Cornwall. Passengers who choose not to travel on Monday can claim a full refund on their ticket or travel on Tuesday. Damage caused by Storm Darragh means the railway line between Stafford and Stoke-on-Trent remains closed. This is affecting London Northwestern Railway services between Stafford and Crewe, and CrossCountry trains connecting Manchester Piccadilly with stations such as Paignton, Bournemouth, Southampton Central, Bristol Temple Meads and Birmingham New Street. London Northwestern Railway passengers can use rail replacement transport between Wolverhampton and Crewe. Affected CrossCountry services will be diverted via Crewe and will not call at Stoke-on-Trent or Macclesfield. Rail replacement transport is operating between Stafford and Stoke-on-Trent. Transport for Wales said all railway lines are blocked on 11 routes, such as between Swansea and Milford Haven, between Swansea and Shrewsbury, between Birmingham International and Shrewsbury, and between Chester and Holyhead. Following major disruption from Storm Darragh over the weekend, National Rail Enquiries warned “services may be busier than normal today and experience severe overcrowding”. West Midlands Railway is unable to operate on the line serving Bromsgrove, Redditch, Birmingham New Street and Lichfield Trent Valley because of damage to overhead electric wires. Passengers were warned to expect cancellations and delays to train services on the West Coast Main Line between London Euston and Scotland early on Monday. Network Rail said this is because it is completing repairs to overhead line equipment in Polesworth, Warwickshire. Services are being diverted via Birmingham while the work is taking place. Chris Baughan, Network Rail’s West Coast South route operations manager, said: “Storm Darragh has wreaked havoc on the railway this weekend and we are very sorry to passengers for the disruption to train services this morning on the West Coast Main Line as frontline teams continue with emergency repairs and the clean-up.

Retail & Consumer2025-10-15 18:59:39

Industry Professionals Decry Cancellation of Extra Bank Holiday in 2025

A recent announcement from Number 10 has confirmed that the proposed extra bank holiday in 2025 has been cancelled. Initially, there were speculations that an additional day off would be added to commemorate the conclusion of WWII, but this has been officially declared as not happening. Leaders in the UK's hospitality industry have expressed their disappointment with the government's choice to abandon the extra bank holiday. They argue that such days are crucial for generating additional revenue in their sector. Their sentiments mirror those from 2022, advocating for the permanent inclusion of an extra bank holiday to celebrate the late Queen's Platinum Jubilee. Martin Williams, a former figure in the M Restaurants and Gaucho group, has described the decision to cancel the 2025 holiday as "missed potential." Williams stated: "The additional bank holiday would have been a vital stimulus for the hospitality sector amidst the economic challenges posed by the recent budget. Local pubs and independent eateries would have greatly benefited from it—a missed opportunity indeed." A representative from UKHospitality told City AM: "Bank holidays are peak times when people in Britain prefer to dine out or take a mini-break, which naturally leads to an increase in sales for hospitality businesses. As the industry grapples with rising costs, high-demand periods like bank holidays, Easter, and summer vacations become even more significant for driving sales." A spokesperson for the Campaign For Real Ale added: "Bank holidays are golden opportunities for the beer and pub sector. They offer an additional day of support for public houses, social clubs, and taprooms seeking to enhance their business." "The pub industry continues to face financial hurdles, including soaring energy bills and escalating costs. CAMRA’s data indicates that pub enterprises are experiencing unprecedented turnover rates and are still confronting a severe decline in the number of licensees able to maintain their operations in the UK. “Public houses are essential for community unity, offering inviting spaces for social engagement and aiding in the fight against loneliness. They remain central to our neighborhoods, and bank holidays are an excellent occasion for people to gather at their local pub to enjoy a pint with loved ones.” The economic impact of additional bank holidays is significant, with most of the private sector ceasing operations for an extra day. Studies suggest that an extra bank holiday could cost the UK economy approximately £2.4 billion. A spokesperson for Number 10 remarked: "The 80th anniversaries of VE and VJ Day will be monumental occasions for our nation, as we unite to honor the memories of those who served and the legacy they have left us. "We are dedicated to commemorating these significant national events with the appropriate respect, which is why we have allocated over £10 million for events to mark these anniversaries.”

Retail & Consumer2025-10-15 18:59:39

Gymshark finance chief departs as apparel giant reveals reduced profits

Gymshark's chief financial officer, Mat Dunn, has left the company after a two-year tenure. Dunn joined the Solihull-based business in December 2022 from Asos, where he held the dual role of chief operating officer and chief financial officer. His previous experience includes stints as CFO at Britvic and South African Breweries, as well as roles at Diageo, Sabmiller, and EMI Music, as reported by City AM. A Gymshark spokesperson stated: "Mat Dunn was employed as chief financial officer from December 2022 to November 2024." "During that time, Mat was instrumental in evolving our finance and commercial functions, and we thank him for all he contributed." Dunn's departure follows Gymshark's report of a £13m pre-tax profit for the year ending July 31, 2023, a decrease from £27.8m in the previous 12 months. However, the company's EBITDA, excluding exceptional costs, rose from £39.9m to £45.3m, with Gymshark focusing on this measure as a proxy for underlying trading performance. Revenue increased from £484.4m to £556.2m over the same period. The company's latest accounts are due to be filed with Companies House by the end of April 2025. Founded in 2012 by Ben Francis and Lewis Morgan, Gymshark was valued at over £1bn in 2020 when US private equity firm General Atlantic acquired a 21% stake. Gymshark, in the latest financial update, stated: "During the last financial year, apparel businesses have continued to face rising input costs, including rising raw materials and labour costs." The company noted, "However, other costs notably freight began to normalise during the financial year." Discussing their strategic approach amidst economic challenges, they commented, "The board continued to monitor these costs closely as well as changes to the macro environment, from a vernal perspective and with regard to conditions in key geographies." Addressing consumer trends, Gymshark said, "The consumer has been hit by the general macro-economic climate, with inflation and cost-of-living increases impacting discretionary spending." Nevertheless, they were positive about their achievements: "Despite these pressures, the board is pleased to report that the group has continued to grow its sales and improve profitability, and is particularly impressed with the business’s performance during the second half of the financial year." The firm underlined its forward-thinking strategy by adding, "The overall strategy of the group remains to continue increasing revenues in a profitable and sustainable manner and to create and develop desirable products to its growing consumer base."

Retail & Consumer2025-10-15 18:59:39

Marston's profits jump 64% as pre-Christmas bookings offer hope for bumper year

Marston's, the esteemed pub operator headquartered in Wolverhampton, has reported a robust performance that exceeded market expectations, buoyed by pre-Christmas bookings and signalling potential for another prosperous year. The company announced this morning that its total revenue for the year ending 28 September, 2024, climbed to £898.6 million, marking a three per cent increase from £872.3 million in the previous 12 months, as reported by City AM. Pre-tax profits at Marston’s surged by an impressive 64.5 per cent, rising from £25.6 million to £42.1 million, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) saw a 13 per cent uptick. Justin Platt, Marston’s chief executive, described the period as a "defining year" for the firm, which followed their strategic move away from brewing to "embark on a new chapter". The group, which boasts ownership of over 1,339 pubs across the UK, had divested its 40 per cent share in Carlsberg Marston’s Brewing Company (CMBC) back to the Danish brewer for £206 million in July. Platt commented on the sale's significant impact: "The sale of our stake in CMBC has been transformational, enabling us to significantly reduce debt, increase our flexibility and focus on what we do best: running great local pubs." He highlighted the positive outcomes of their focused approach and refreshed strategy, which are reflected in the strong financial results, including a 4.8 per cent rise in like-for-like sales that outpaced the market. Additionally, Marston's net debt was reduced to £883.7 million, indicating a substantial decrease of over £301.7 million. Looking towards the festive season, the current trading period leading up to Christmas is showing promising signs, with bookings already surpassing those of the previous year.

Retail & Consumer2025-10-15 18:59:39

What Vodafone and Three's £16.5bn merger approval really means for you and your bills

After a nearly 18-month long battle, the UK's largest ever telecoms deal – a £16.5bn merger between Vodafone and Three – has been approved. Vodafone described the deal as a "once-in-a-generation opportunity to transform the UK’s digital infrastructure". The Competition and Markets Authority (CMA) has given its approval after being satisfied with the proposed plans. A key part of the strategy to alleviate competition concerns is an £11bn pledge to upgrade the merged group’s UK network, as reported by City AM. However, while this is a significant victory for both Vodafone and Three, what does it mean for their customers, their bills, and the services they currently receive? In an interview with BBC Radio 4’s Today programme, Vodafone Group’s CEO Margherita Della Valle assured that customers would ultimately benefit from the merger, citing the £11bn upgrade as a major factor. The CMA has ruled that certain mobile tariffs will be capped for three years, and virtual mobile providers will have access to pre-set wholesale prices and contract terms. In September, the watchdog had expressed concerns that the merger could result in price increases for tens of millions of mobile customers. It also suggested that customers might receive a reduced service, such as smaller data packages in their contracts. The Competition and Markets Authority (CMA) has expressed "particular concerns" that the proposed merger between Vodafone and Three could lead to higher bills or reduced services, particularly impacting customers with limited means to afford mobile services and those who may not value network quality improvements enough to justify additional costs. However, the CMA has now stated it is "now satisfied that the proposed network commitment, supported by shorter term protections for both retail and wholesale customers, resolve its competition concerns". Technology, media, and telecom (TMT) analyst Paolo Pescatore, founder of PP Foresight, cautioned that Vodafone and Three might face intensified competition for their current customer base in the upcoming months. He remarked: "Rivals will have a window of opportunity to lure disgruntled customers during this painful integration process." "Priorities will be implementing a successful strategy and choosing a brand that resonates with consumers and business." "On this it is very hard to see the Vodafone brand disappearing from its home core UK market." Pescatore also noted: "Better price guarantees in the next few years will be a big pull for customers." He concluded: "The CMA has done a thorough job of highly scrutinising this deal, it’s now up to both parties to deliver on their promises." "That should mean wins for UK plc – bringing much needed investment in the network – and for consumers in the form of better services." "Let’s not forget that VMO2 is one the beneficiaries as it will get some of the excess spectrum from the combined merged entity." Investment analyst at AJ Bell, Dan Coatsworth shared his thoughts on the approval of the merger, suggesting that "Long-suffering" shareholders of Vodafone may view this as a pivotal moment for the company to exhibit renewed vigour after a prolonged period of inertia. He also noted that the terms of the agreement include significant investments into the UK's 5G network and a three-year cap on tariffs. "The regulator will be looking over their shoulder, like a teacher looming over an errant pupil, to ensure these terms are met," he stated. Additionally, Coatsworth remarked that "Vodafone is promising the investment will be funded internally and that customers won’t see extra costs but that kind of promise is easier to make than it is to deliver. If nothing else, there will be relief on the part of investors that the deal has been concluded and everyone can move on." Despite this outcome, Coatsworth pointed out that "Vodafone has a long list of other issues to address, including weak performance in the German market, where it has been affected by regulatory changes." With the Three merger reaching completion, calls for tangible advancements from Vodafone will intensify, he implied, adding: "With the Three deal concluded, patience for any future messages of Vodafone being in transition is likely to run thin. The company must now deliver." Pescatore observed that while a verdict on the merger has been reached, customers are left in a 'waiting game' regarding the impact it will have on them. His comment was: "The bottom line is it will take many years before the full merits of the deal are realised, and there’s a lot of tough decisions to come." He further elaborated on the challenges ahead: "Merging two networks is no easy feat. While there are past examples with BT/EE and VMO2 to draw upon, it’s not going to be smooth sailing." Discussing the implications for Three, he noted: "Overall, it’s a big deal for both players, arguably even more so for Three given its business model would have been unsustainable in the long term." The success of the merger, he believes, rests on: "Network leadership will make or break the success of the deal." Pescatore then questioned: "How much of the so-called promises will be spent on actual networks when 5G is already widely available? " Adding, "For now, EE still remains the benchmark when it comes to network leadership based upon recent developments and on fibre rollout through Openreach." When it came to Vodafone's perspective, the company issued a statement via CEO Margherita Della Valle to the London Stock Exchange saying: "Today’s decision creates a new force in the UK’s telecoms market and unlocks the investment needed to build the network infrastructure the country deserves." She went on to assert that this merger will benefit everyone: "Consumers and businesses will enjoy wider coverage, faster speeds and better-quality connections across the UK, as we build the biggest and best network in our home market." "Today’s approval releases the handbrake on the UK’s telecoms industry, and the increased investment will power the UK to the forefront of European telecommunications." This was stated by Canning Fok, deputy chairman of CK Hutchison and chairman of CK Hutchison Group Telecom Holdings. He further added: "We have been operating telecoms businesses in the UK for over three decades and Three UK for the past two." "We have invested in the people and the infrastructure, helping to bring the benefits of mobile connectivity to UK businesses and consumers." "When Three and Vodafone are combined, CK Hutchison will fully support the merged business in implementing its network investment plan, the cornerstone of today’s approval by the CMA, transforming the UK’s digital infrastructure and ensuring customers across the country benefit from world-beating network quality." Stuart McIntosh, chair of the independent inquiry group leading the investigation, commented: "It’s crucial this merger doesn’t harm competition, which is why we’ve spent time considering how it could impact the telecoms market." "Having carefully considered the evidence, as well as the extensive feedback we have received, we believe the merger is likely to boost competition in the UK mobile sector and should be allowed to proceed – but only if Vodafone and Three agree to implement our proposed measures." "Both Ofcom and the CMA would oversee the implementation of these legally binding commitments, which would help enhance the UK’s 5G capability whilst preserving effective competition in the sector." Vodafone and Three have indicated they will "study the CMA’s final report in detail" and maintain engagement with the regulatory body as they move towards completing the merger. The completion is anticipated to occur in the first half of 2025, at which point Vodafone will hold a 51 per cent share of the equity.

Retail & Consumer2025-10-15 18:59:39

Naked Wines slashes losses to £5.6m after 'solid' trading during peak period

The CEO of Naked Wines has stated that the company is "in a better position, both financially and strategically" after significantly reducing its losses in the first half of its financial year. The Norwich-based firm reported a pre-tax loss of £5.6m for the six months to 30 September, 2024, a decrease from the £9.7m loss it recorded for the same period in 2023, as reported by City AM. However, Naked Wines also saw its revenue drop from £132.3m to £112.3m. These half-year results follow the appointments of Rodrigo Maza as CEO in April and Dominic Neary as CFO in November. Maza commented: "Naked Wines is in a better position, both financially and strategically." "We now have robust financial foundations, and our members remain loyal and engaged." "Our strategic initiatives centred around customer acquisition and retention are generating learnings, and we are currently experiencing solid trading during the peak season period." "I am pleased to welcome Dominic as our new CFO. His experience in digital and international businesses have helped him quickly transition, and I look forward to working with him as we focus the business on cash, profitability and growth." Regarding its future prospects, Naked Wines noted that its early peak season trading has been "solid" and its liquidity and cash situation is "continuing to improve". It anticipates that its full-year performance will align with previous guidance. However, the company acknowledged that its US inventory, "whilst in line with previously communicated plans, remains overstocked". Naked Wines has stated it is "reviewing options" to free up capital from its inventory, a strategy aimed at enhancing cash flow over the next two years. However, this could lead to higher liquidation costs and potentially result in EBIT at the lower end of guidance.

Retail & Consumer2025-10-15 18:59:39

Marie Claire and Go Compare owner sees profits dip but returns to revenue growth

Publishing giant Future Plc has reported a dip in profits for the financial year but saw its revenue return to growth over the period. The Bath-based company, which owns brands including Marie Claire, Country Life and Go Compare, said it had made "good strategic progress" over the year ended September 30. Adjusted operating profit at the firm was £222.2m - down from £256.4m the year before. Revenues were broadly flat at £788.2m, with +1% organic growth. UK revenue grew by 6% on an organic basis, with "very strong growth" in Go.Compare, the company said on Thursday. Future reported business-to-business growth of +2% although business-to-consumer saw a 6% decline, impacted by market conditions and the weight of magazines. Meanwhile, the company's US revenue fell by 6% on an organic basis. Future said profitability remained in line with expectations. Jon Steinberg, who is stepping down as Future's chief executive next year, said: “We launched our Growth Acceleration Strategy one year ago and have made good strategic progress. We have invested in sales and editorial roles, successfully diversified and grown revenue per user, and we have further optimised our portfolio. "Importantly, the group has returned to organic revenue growth during the year, underpinned by a strong H2 performance. The execution of our strategy combined with our strong financial characteristics, including a flexible cost base and highly cash generative profile, creates further optionality and positions the business well." The announcement comes a year after Future launched its Growth Acceleration Strategy in a bid to capitalise on opportunities in "attractive and growing markets". The business said two-year investment programme of £25m-£30m had helped it return to growth.

Retail & Consumer2025-10-15 18:59:39

Boohoo shares rebound from historic low as battle over its future continues

Shares in the fast fashion giant Boohoo have rallied from a record low as the company faces another pivotal moment ahead of a decisive vote this festive season. The Manchester-based conglomerate, which owns brands such as Debenhams and PrettyLittleThing, experienced a drop in its share value in July from 35p to 27p. However, Boohoo's shares have since rebounded to their pre-slump levels amidst ongoing debates about its strategic direction and management. Despite the recovery, Boohoo's shares are still trading lower than the 41p mark they hit in January 2024, and far below the peak of 413p during the height of the Covid-19 pandemic, as reported by City AM. This morning's uptick occurred as a leading shareholder advisory firm, Institutional Shareholder Services (ISS), advised Boohoo investors to oppose Mike Ashley’s attempt to secure a board position at the emergency meeting scheduled for later this month. Boohoo confirmed that ISS had recommended a vote against the proposal on 20 December. The fashion retailer is currently locked in a dispute with businessman Mike Ashley’s Frasers Group, which holds a 27% stake in Boohoo. On Sunday, Ashley penned an open letter to shareholders criticising the company for what he described as an "egotistical founder who has an unhealthy grip on the board" and claimed the company was "in desperate need of the guidance I can provide". He also cautioned against a scenario where there is a "fire sale of assets at knockdown prices", including the Debenhams brand, which he argued should not be sold. Ashley expressed his intention to take on the role of Boohoo’s chief executive to aid the brand and "prevent any dishonest profiteering" off investors. In retort, Boohoo maintained that Ashley was acting in pursuit of his own commercial interests, not those of its shareholders. On Monday, Boohoo articulated in a release: "ISS states that Frasers has offered a superficial view of performance and no specific plans for change and the two Frasers candidates, Mike Ashley and Mike Lennon, have real conflicts of interest, concluding that board change at Boohoo Group is not warranted." Chairman Tim Morris endorsed the support from ISS, stating it aligns with the board's recommendation to dismiss the proposals from Frasers Group. Shareholders are set to cast their votes on Ashley’s bid for a board position at the company before Christmas. A representative for Frasers commented: "The ISS opinion pre-dates the statements from Mr Ashley yesterday." They added, "Mr Ashley set out clearly in his letter of 8 December his determination to work on behalf of all boohoo shareholders and support Dan Finley to deliver on the opportunities to turn around the fortunes of the group and restore shareholder value." "He has been very clear he would not want Debenhams sold or any fire sale of assets and has put on record his commitment to transparency and shareholder consultation, something badly missing under the current board." "To achieve this, boohoo shareholders must vote for the resolutions on 20 December." AJ Bell investment analyst Dan Coatsworth commented: "Boohoo says it is not deliberately seeking confrontation with Frasers, yet this is more than just a simple war of words." "Its battle against the Sports Direct retailer is being played out in the public domain for all to see." "Each week brings a new form of attack from one side or the other, the latest being Boohoo latching onto a recommendation from proxy adviser ISS to vote against Frasers’ quest to get Mike Ashley a seat on Boohoo’s board." "Recommendations from ISS or fellow proxy adviser Glass Lewis rarely form the backbone of an announcement to the stock market, but Boohoo has seized upon ISS’s latest recommendation to launch another attack on Frasers." "This follows comments at the weekend from Mike Ashley that Boohoo must avoid a ‘fire sale’ of assets." "The fate of Boohoo will be in the hands of its shareholders when they vote on 20 December." "At 35.88p, Boohoo’s share price is on its knees, trading at a fraction of the 400p+ level seen in 2020." "Long-suffering shareholders might welcome someone of Ashley’s calibre joining the board and offering a different viewpoint to revive the business." "Equally, some shareholders may not take kindly to his vulture-like tendencies and view a board appointment as a pre-cursor to Frasers muscling in and taking Boohoo out on the cheap."