Interflora for sale ???
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Interflora rebels in boardroom lockout
Simon Fluendy, Mail on Sunday,
20 December 2004
REBEL board directors at troubled flower network Interflora have been
refused access to company documents. Interflora, which is owned by its
1,800 florist members, is considering an offer to sell control to
venture capitalist 3i for £23 million.
More than 75 per cent of members must vote in favour at a meeting on
January 29 for the deal to go through. But the plans, which would see
executives receive millions of pounds in shares and bonuses, have met
stiff resistance.
Mari Lawrence and David Higham were offered seats on the board at the
annual meeting last month, but they told Financial Mail that they had
been refused access to management accounts, business plans and board
minutes.
The pair went to Interflora headquarters in Sleaford, Lincolnshire, on
Friday, but were kept in an ante-room and told on the phone by chief
executive Steve Richards that they could not be given the documents
they had asked for.
A spokesman for the rest of the board said: 'We invited Lawrence and
Higham to join the board and to pay their legal expenses, but we are
waiting for them to sign the relevant documents and the board has
informed them that when they have done so, the documents requested
will be made available.
'Regrettably, Lawrence and Higham have indulged in a cheap publicity
stunt that we believe is to no one's benefit.'
But Lawrence and Highham say they are directors and have supplied
Financial Mail with copies of Companies House forms correctly signed
by both members and by Richards and say they have the right to see the
documents.
Lawrence said: 'We asked to see these documents two weeks ago and have
been refused.
'We informed Richards that we would be coming and they have failed to
show us documents which we have the right to see.'
==================================
NEXT BACKGROUNDER:
Interflora sale plan put to test at florists' meeting
By Gary Duncan
DIRECTORS of Interflora, the florists' network, will face many of the
chain's members tomorrow at a meeting that could prove to be an acid
test for plans by its chief executive to sell the business to a
private equity firm.
Steve Richards, the chief executive brought in last September to
overhaul Interflora's operations, is proposing to demutualise the
network and sell it in a transaction that would lead to windfall
payouts to 1,850 florist members.
But Mr Richards needs the approval of three-quarters of the florists
who own the chain and may yet face a revolt by angry members who could
see the scheme as an effort to enrich the directors at their expense.
The willingness of Britain's florists to allow Mr Richards to press
ahead will be put to the test tomorrow when he and fellow board
members face Interflora members at a meeting at Loughborough
University.
The meeting will be the first in a series of 60 such gatherings
planned by Mr Richards and his executive team at which they will try
to persuade florists to back a sell-off.
But there is speculation that the plans for incorporation and sale of
the network could be undercut by a revolt by members. In 1997, rebel
Interflora members ousted the then board when it tried to push through
a shake-up of the chain's operations.
The situation is being compared with that at Londis, the convenience
stores group whose management have faced a revolt by member
shopkeepers over their plans for a sale to Musgrave, the Irish food
distribution company.
In a weekend interview, Mr Richards conceded that the deal might
provoke some members. "We know it's provocative. We're trying to make
this very open and transparent," he said.
NEXT BACKGROUND ITEM:
INTERFLORA SALE PLAN PUT TO TEST AT FLORISTS MEETING
Plans by the directors of Interflora to sell the business to a private
equity firm are facing their first obstacle as the directors meet up
with many of the chain's members to convince them of the viability of
the move. Recently appointed chief executive Steve Richards needs to
win over three quarters of the individual florists who own the chain,
many of whom are suspicious that the proposed sale is a scheme to
enrich the directors at their expense. The meeting will be at
Loughborough University on Monday and is the first of a series of
sixty meetings planned by Richards whereby he and his executive team
will try to win the florists round to accepting their plan.
More Info:
Interflora rebels in boardroom lockout
Simon Fluendy, Mail on Sunday,
20 December 2004
REBEL board directors at troubled flower network Interflora have been
refused access to company documents. Interflora, which is owned by its
1,800 florist members, is considering an offer to sell control to
venture capitalist 3i for £23 million.
More than 75 per cent of members must vote in favour at a meeting on
January 29 for the deal to go through. But the plans, which would see
executives receive millions of pounds in shares and bonuses, have met
stiff resistance.
Mari Lawrence and David Higham were offered seats on the board at the
annual meeting last month, but they told Financial Mail that they had
been refused access to management accounts, business plans and board
minutes.
The pair went to Interflora headquarters in Sleaford, Lincolnshire, on
Friday, but were kept in an ante-room and told on the phone by chief
executive Steve Richards that they could not be given the documents
they had asked for.
A spokesman for the rest of the board said: 'We invited Lawrence and
Higham to join the board and to pay their legal expenses, but we are
waiting for them to sign the relevant documents and the board has
informed them that when they have done so, the documents requested
will be made available.
'Regrettably, Lawrence and Higham have indulged in a cheap publicity
stunt that we believe is to no one's benefit.'
But Lawrence and Highham say they are directors and have supplied
Financial Mail with copies of Companies House forms correctly signed
by both members and by Richards and say they have the right to see the
documents.
Lawrence said: 'We asked to see these documents two weeks ago and have
been refused.
'We informed Richards that we would be coming and they have failed to
show us documents which we have the right to see.'
==================================
NEXT BACKGROUNDER:
Interflora sale plan put to test at florists' meeting
By Gary Duncan
DIRECTORS of Interflora, the florists' network, will face many of the
chain's members tomorrow at a meeting that could prove to be an acid
test for plans by its chief executive to sell the business to a
private equity firm.
Steve Richards, the chief executive brought in last September to
overhaul Interflora's operations, is proposing to demutualise the
network and sell it in a transaction that would lead to windfall
payouts to 1,850 florist members.
But Mr Richards needs the approval of three-quarters of the florists
who own the chain and may yet face a revolt by angry members who could
see the scheme as an effort to enrich the directors at their expense.
The willingness of Britain's florists to allow Mr Richards to press
ahead will be put to the test tomorrow when he and fellow board
members face Interflora members at a meeting at Loughborough
University.
The meeting will be the first in a series of 60 such gatherings
planned by Mr Richards and his executive team at which they will try
to persuade florists to back a sell-off.
But there is speculation that the plans for incorporation and sale of
the network could be undercut by a revolt by members. In 1997, rebel
Interflora members ousted the then board when it tried to push through
a shake-up of the chain's operations.
The situation is being compared with that at Londis, the convenience
stores group whose management have faced a revolt by member
shopkeepers over their plans for a sale to Musgrave, the Irish food
distribution company.
In a weekend interview, Mr Richards conceded that the deal might
provoke some members. "We know it's provocative. We're trying to make
this very open and transparent," he said.
NEXT BACKGROUND ITEM:
INTERFLORA SALE PLAN PUT TO TEST AT FLORISTS MEETING
Plans by the directors of Interflora to sell the business to a private
equity firm are facing their first obstacle as the directors meet up
with many of the chain's members to convince them of the viability of
the move. Recently appointed chief executive Steve Richards needs to
win over three quarters of the individual florists who own the chain,
many of whom are suspicious that the proposed sale is a scheme to
enrich the directors at their expense. The meeting will be at
Loughborough University on Monday and is the first of a series of
sixty meetings planned by Richards whereby he and his executive team
will try to win the florists round to accepting their plan.
Mikey the Flower Guy
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I see InterFlora...
being "sold", no differently than what happened with FTD so many years ago!! The European economies will dictate whether the InterFlora Co-op is sold!!
This is where REAL FLORISTS will make a decision based on 2005 knowledge, and not "railroaded" like we were...in the "dark ages"
being "sold", no differently than what happened with FTD so many years ago!! The European economies will dictate whether the InterFlora Co-op is sold!!
This is where REAL FLORISTS will make a decision based on 2005 knowledge, and not "railroaded" like we were...in the "dark ages"
Update
Jan 6 2005
Evening News
Rebel florists step up fight
REBEL Interflora florists have called a meeting this Sunday to rally
support for their attempt to defeat an agreed £23.2 million buyout by
3I, the private equity group.
The Interflora Stakeholders Association, one of two action groups
fighting the proposed sale, has written to all 1893 members of the
mutual asking them to attend a meeting in Coventry.
They have just over two weeks to persuade fellow florists to scupper the deal.
____________________________
I find it interesting that the florists that are trying to make a difference are being reffered to as REBELS!
GOOD FOR THEM!!!!!
Jan 6 2005
Evening News
Rebel florists step up fight
REBEL Interflora florists have called a meeting this Sunday to rally
support for their attempt to defeat an agreed £23.2 million buyout by
3I, the private equity group.
The Interflora Stakeholders Association, one of two action groups
fighting the proposed sale, has written to all 1893 members of the
mutual asking them to attend a meeting in Coventry.
They have just over two weeks to persuade fellow florists to scupper the deal.
____________________________
I find it interesting that the florists that are trying to make a difference are being reffered to as REBELS!
GOOD FOR THEM!!!!!
Too bad when FTD was up for sale no one had enough sense to battle down to the wire and fight it, we vored no but then again we weren't long time members with a big cheque coming our way like a lot of those who did vote yes.
Sunny I agree.... and so you know, I was there at the vote, and voted yes...
But hindsight is very clear, had I known then what I know now, I would not have...and I am sure there are many others that feel the same way...
But hindsight is very clear, had I known then what I know now, I would not have...and I am sure there are many others that feel the same way...
Interflora rebel throws in towel
I'm sure times are tough for Interflora.
England is a much smaller country than the US, so many operations are offering 'flowers by post' (hand-tied bouquets direct-shipped at low prices). The interent seems to have really facilitated this growth. It does appear that the UK is having similar issues with consumer dissatisfaction of direct-ship product, however.
The UK also has a number of other 'wire services.' BTW, I believe that Interflora members there are not allowed to be affiliated with any other service.
The vote to sell is scheduled for January 23.
I'm sure times are tough for Interflora.
England is a much smaller country than the US, so many operations are offering 'flowers by post' (hand-tied bouquets direct-shipped at low prices). The interent seems to have really facilitated this growth. It does appear that the UK is having similar issues with consumer dissatisfaction of direct-ship product, however.
The UK also has a number of other 'wire services.' BTW, I believe that Interflora members there are not allowed to be affiliated with any other service.
The vote to sell is scheduled for January 23.
War of the roses
Here's another article on Interflora.
"Since its inception, Interflora has been a not-for-profit trade association existing in the timeless, tranquil business vacuum of flower arranging. But all that could be about to change. Interflora is for sale, and in the process it could become a hard-nosed business."
http://news.independent.co.uk/business/analysis_and_features/story.jsp?story=600174
.
Here's another article on Interflora.
"Since its inception, Interflora has been a not-for-profit trade association existing in the timeless, tranquil business vacuum of flower arranging. But all that could be about to change. Interflora is for sale, and in the process it could become a hard-nosed business."
http://news.independent.co.uk/business/analysis_and_features/story.jsp?story=600174
.
No wonder they are scared
They have seen the same thing done on this side of the pond. Looks very similar to what has transpired here to me....
They have seen the same thing done on this side of the pond. Looks very similar to what has transpired here to me....
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