TROUBLED drinks company HP Bulmer today said it would not be paying shareholders dividends amid speculation over the sudden resignation of its chief executive and a £3.3m accounting discrepancy.
The Hereford-based company, best known for its Strongbow, Scrumpy Jack and Woodpecker brands, said changes would be made within its senior management team after Mike Hughes unexpectedly stepped down as chief executive moments before the company's annual meeting.
Irate shareholders - who have seen the company's share value plummet - were left waiting at Hereford's Courtyard Theatre yesterday after Mr Hughes had resigned from this post.
Adjourned
The meeting was adjourned until further notice.
But the company said it would not be paying the 12.6p per share dividend due on Monday, September 30, until a report had been completed into a 3.3m accounting discrepancy, described as "unidentified promotional costs." A spokesman for the company said the timing and rate of this year's final dividend would be decided when it had received a full report on the situation.
He added that changes in the UK "take home business" last year had resulted in the staff reshuffle.
He confirmed non-executive director at the company, Colin Brown, would take over as group chief executive with immediate effect while a replacement for Mr Hughes was sought.
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