// Lush ex-boss Andrew Gerrie has accused the retailer of failing to record the transfer of a 19.8% stake
// The handmade cosmetics retail chain said the sale “was not compliant with its articles of association”
Lush former chief executive Andrew Gerrie has accused the retailer of failing to record the transfer of a 20% stake.
Investment firm Silverwood Brands, for which Gerrie is executive director of, said in December it had purchased a 19.8% stake, worth £216.8m, in the handmade cosmetics retail chain.
Silverwood said yesterday that Lush had not recorded the transfer of the stake to its subsidiary, Cosmic Circles, and that it was “disappointed” the retailer had failed to disclose a reason for rejecting the acquisition.
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It added: “The company believes the transfers complied with Lush’s articles of association and therefore it believes Lush’s actions have no merit.”
However, Lush said the proposed sale of shares by Gerrie and his wife to another company was “not compliant” with its articles of association and “no choice but to refuse to record a transfer of their shares”.
Lush said in a statement: “The company’s regulations contain specific criteria that must be met when a shareholder sells their shares.
“Under UK law, the board of directors has a clear duty to ensure that all these regulations are complied with at all times.”
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