ince boardroom

Not just colleagues - friends.


As Ince cuts costs by slashing offices, it has emerged that it was engaged in claims and counterclaims with its former CEO and Head of Finance and Administration. 

Earlier this month the listed company announced to the market that Adrian Biles, who stepped down as CEO earlier this year, was being removed as a director due to "circumstances which may give rise to a conflict of interest between Adrian Biles and the company".

John Biles, who is understood to be Adrian's father, was Ince's head of finance until his dinner party caused a media storm and it was announced in May that he was leaving the business. Adrian, who at that point was still CEO, told staff that John had simply "decided to retire", but it transpires that behind the scenes both Biles' exits were absolute carnage.

The market announcement on Wednesday revealed for the first time that Adrian and John Biles had made claims against Ince demanding "approximately £690,000 for loss of office, rent and other expenses", while the company had responded by counterclaiming for "approximately £670,000 owed to the Group by Adrian and John Biles and their associate companies".

Both Biles have now left the business entirely after entering into settlement agreements with Ince which determined that each of them will walk away with £15,000 for loss of office, and that all the claims between the parties would be waived.

Staff and investors will no doubt be reassured to know that amid the financial problems plaguing the company which have seen its share price slump by over 90% in a year to 4.4p, leaving its people with an uncertain future, management were busy accusing each other of unjustly withholding hundreds of thousands of pounds as part of a bitter boardroom power struggle.

But there's always turbulence when the old guard gets ejected, and it's sure to be plain sailing from here on out - which is why RollOnFriday's unregulated and unwarranted advice is, as ever: strong buy.

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Comments

Wince Bilious 30 September 22 10:54

“John Biles, who is understood to be Adrian's father”

is a very interesting choice of wording… 

Anonymous 30 September 22 14:52

I am so glad I exited the car crash of firm that the Biles family squeezed for so long. Ince used to be a powerhouse of international commerce and shipping. Jeez, man - they've really driven it into the ground. Don't invest in law firms.

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