Specialist electricals retailer Maplin has parted company with three of its directors, one of them a self-proclaimed expert in “cost management.”
Logistics director Steve Milner, human resources director Steve Lynas and property merchandise director Lawrence Saunders have all left the business. Milner stated on his LinkedIn profile that he had reduced annual warehouse ‘salary costs’ by 18%, saving £500,000 a year.
Maplin’s private equity owners Montagu paid £244m to take control of the business in 2004, and currently own 67% of the firm. Recent accounts at Companies House reveal that the firm posted a loss of £32.7 million, down 25% for the year to January.
The accounts also stated that this figure included around £50m a year set aside to be paid to Montagu, which may not have to be paid back. However, a spokesman told The Mail on Sunday that the business was largely debt free and that profit before before exceptional items was actually £40 million for the year, roughly flat on last year.