wiggins group

There are are a few people who repeatedly call for a change of management.
These can have had little experience of running a business other than the corner sweetshop.

Many of us are entrepreneurs and have had to raise capital to back our own more substantial businesses than local retail. Anyone who has tried to do this will be agog with admiration, as I am, for a management who has managed not only to to raise an additional 100% of their own capitalisation/market value, but to do so like Houdini from inside a sack, handcuffed, and well under water, ie on the point of expiry. This no rotten management.

I am critical of their poor PR but understand that it originates from property dealing, a business where one needs a pathological fear of news leakage, which would threaten the margins or even completion of the deal under negotiation.

The accusation by gutless libellers like peachyboy who hide under their aliases and would never have the courage to express the same opinions at an AGM, are equally unsustainable. At the time of these accounting decisions, it was common practice to take profits at the time of cash inflow at the start of a deal. Giants like Arthur Andersen advised their clients to do so, and giants like Xerox took that advice and did so, which with hindsight and a change in convention later looked different.

Remember that this management started with nothing - managed to borrow sufficient to buy £13m of assets, quickly sold of part for £11m, and used the remainder to underpin a company now valued by the market at £55m and by its institutional and long term private investors at currently £300-400m.