Pension policy under review
Troubled confectioner Thorntons has said that its trading is 'in-line with expectations' after the recent overhaul of the company's top management.

In a statement to the Stock Exchange this afternoon, Thorntons added that it was reviewing its policy for making pension payments to staff and board members after criticism from the Pensions Regulator.

Speaking after the company's AGM, Thorntons chairman John von Spreckelsen said that the business had 'strong potential'.

Von Spreckelsen replaced Christopher Burnett as chairman in June and has since overseen the appointment of ex-Mars UK managing director Mike Davies to take over from Peter Burdon as chief executive.

Last month, Thorntons posted a 36 per cent drop in pre-tax profit to£5.2 million with like-for-like sales down 3.7 per cent for the year to June 24.

The review of Thorntons pensions policy is being led by remuneration committee chairman Paul Wilkinson.

The review was sparked by criticism from the Pensions Regulator of pension contributions in the form of shares made to von Spreckelsen.

A spokeswoman said: 'We feel these criticisms are unfounded as our majority shareholders supported his appointment and the payments.'