RE: New CEO = take over !?24 Feb 2023 12:12
As a long term shareholder I have despaired at the poor financial control at this business over the past few years. Companies House shows that one of their sub contractors (owned by a person with a long history of dissolving his companies and being disqualified as a Director) has gone bust with hundreds of thousands of pounds of Gleeson’s money lost that they had paid in advance! I didn’t realise that sub contractors got paid in advance until now.
The new CEO is restructuring so let’s hope that he 1/ employs some competent accountants 2/ his incentive bonus is based on the share price and not discounted completions to hit the targets. 3/ the non executive directors take a keener interest in the running of the business.
The long term business model remains sound as long as the Management are.