Erinaceous Group Founders Step Down

Erinaceous founders Neil Bellis and Lucy Cummings have resigned from the business with a £730,000 pay-off. The news comes as the new board of directors considers putting the business into administration to deal with its crippling debts.

Shares in Erinaceous dipped to a new low yesterday, ending down 3/4 p to 11/4p, giving it a market value of just £16.9 million. At one stage yesterday, the shares fell 23 per cent. Compare this to Spring of this year, when the company was valued at around £400 million.

Erinaceous chairman Nigel Turnbull said: “I am pleased that the issues raised by the shareholders' EGM requisition have been addressed satisfactorily. Over the past two months we have restructured the board, appointed new corporate management, and strengthened our team of professional advisors. The board's focus now is to complete the strategic review announced at the interim results."