In a year when revenues shot up and operating profits declined, the sums owed to other group companies climbed to £159million from £21million. Management fees charged to group-related enterprises rocketed.
The company received a loan of £8million from a key employee (since repaid) and the rewards to top bosses rocketed to £11million from £1.4million.
A note to the accounts says this was for ‘the outstanding performance of the business’. Creditors may question that.
The supplier invoice arrangements which provided 90 per cent of the revenues in 2019 were from just five clients, a figure which dropped to 70 per cent in 2020, according to the Wall Street Journal.
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FPPC Clears Del Norte County Of Misusing Public Funds To Promote Measure R
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California’s top political watchdog rejected complaints that Del Norte County illegally used public dollars to urge voters to approve Measure R, a 1 percent sales tax increase to benefit public safety.
The Fair Political Practices Commission determined that mailers and robocalls Del Norte County sent to potential voters did not advocate on behalf of Measure R, according to the commission’s final determination issued Thursday.
The FPPC also found that the county’s use of a consultant did not violate the Political Reform Act. Complaints against supervisors Gerry Hemmingsen, Chris Howard, Lori Cowan and Bob Berkowitz, County Administrative Officer Jay Sarina and Emergency Services Manager Kymmie Scott were without merit, according to the FPPC’s final determination.
McCann1886 successfully applies lockdown lessons for Steers
McCann1886 is successfully applying the lessons it learnt during last year s hard lockdown to the work it is doing for clients across the board.
Last year, the approach adopted by the agency during the Covid-19 lockdown allowed it to develop work that proved so in-sync with Steers’s mostly metropolitan male 18-to-34-year-old target market that it performed beyond expectation.
Now, some nine months later, the agency is applying the approach and lessons it learnt during the various lockdown phases to the 60-year-old fast-food burger restaurant chain’s latest campaign.
McCann1886 chief creative officer, Stuart Stobbs, explained that, when 2020 didn’t quite go according to anyone’s plan, they turned to the McCann global mantra – ‘creativity is the only way to survive’ – for inspiration and to redefine the agency.