(Sharecast News) - Cosmetics company Warpaint London has renewed its contract with Ward & Hagon, it announced on Thursday, effective from 1 January and spanning 24 months, with an option for continued partnership under the same terms and a mutually agreed six-month notice period.
The AIM-traded firm said it initially enlisted the services of Ward & Hagon, a firm specialising in practical business solutions, in February 2020.
It said the partnership aimed to assist Warpaint in executing its strategic growth plan.
Subsequently, the contract was renewed on 19 February 2021 for a 12-month period and then again on 1 March 2022, for a more extended 24-month term from 1 January 2022.
The primary objective behind the contract renewal was to sustain and accelerate Warpaint's growth trajectory and foster further business transformation.
Warpaing said the contract would encompass a total fixed value of £0.45m over 24 months, or £0.225m per annum.
This value covers the services provided by Paul Hagon, an executive director of Warpaint, and Martyn Ward, along with other members of the Ward & Hagon team.
Additionally, the contract presented an opportunity for Ward & Hagon to earn up to £0.175m per annum through non-discretionary performance-related sales bonuses and commissions.
The payments stipulated in the contract would be met from the operating cash flows of the Warpaint Group.
At 1158 GMT, shares in Warpaint London were down 0.13% at 384.5p.
Reporting by Josh White for Sharecast.com.
Warpaint London (W7L)