Alistair20000
Very well known Exeweb poster
A Sunday Times article dated 6/1/2008 reports that Norrie was part of a 4 member Management Buyout Team. (MBO) and £28 million was borrowed to fund it. Highly leveraged. Norrie is described as having 25 years experience at director level with Sears Etam and Internacionale. The article indicates that Norrie and two other members of the MBO were "ousted" in November 2007.
A further article in Herald Scotland dated 23 April 2008 quotes the previous owner Ken Cairnduff. He said it was a good business when he sold it and it was a shame it fell apart so quickly. There is reference to strategic mistakes and "the management team's flaws were exposed when the retail environment became tougher."
One must be cautious about drawing conclusions but the fact is a profitable business turned to rat very quickly. Norrie either jumped or was pushed before the group went into administration. Perhaps he was pushed unfairly but clearly the business was not performing anywhere close to his optimistic comments just a few months previously.
Perhaps Norrie should make a statement advising us of his business skills and how they can be utilised to advantage by the Club He might also give us his account of the Ossian debacle. At the same time he could tell us what he is being paid.
A further article in Herald Scotland dated 23 April 2008 quotes the previous owner Ken Cairnduff. He said it was a good business when he sold it and it was a shame it fell apart so quickly. There is reference to strategic mistakes and "the management team's flaws were exposed when the retail environment became tougher."
One must be cautious about drawing conclusions but the fact is a profitable business turned to rat very quickly. Norrie either jumped or was pushed before the group went into administration. Perhaps he was pushed unfairly but clearly the business was not performing anywhere close to his optimistic comments just a few months previously.
Perhaps Norrie should make a statement advising us of his business skills and how they can be utilised to advantage by the Club He might also give us his account of the Ossian debacle. At the same time he could tell us what he is being paid.
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