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Monsoon and Accessorize owner Peter Simon vows not to receive dividends

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Monsoon owner Peter Simon has vowed not to pay any dividends during the restructuring of his business which will see the closure of 141 stores.

Last year Simon received a dividend of £26.9 million from Monsoon and Accessorize despite suffering heavy losses in sales, which prompted the recent plans to restructure, according to The Telegraph.

He also received a £21 million dividend in 2014.

RELATED: 141 Monsoon Accessorize stores to be affected by restructure plan

Newly-appointed chief executive Paul Allen has devised a plan to separate the two Monsoon and Accessorize brands, which involves closing 141 stores nationwide and affecting thousands of jobs.

Many of these stores will reopen as single brand outlets, but the move still puts employees at risk.

The company reported a pre-tax loss of £155 in 2015, but has no debt and sufficient resources to remove the need for an insolvency plan.

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Published on Monday 22 August by Ben Stevens

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