Here comes Jackson, cap in hand
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.John Jackson may have bitten off more than he can chew at Sketchley. It is nearly two years since Tony Bloom and John Richardson, the men credited with saving the dry-cleaning to workwear rental group from near collapse, bowed out saying their job was done. Almost simultaneously, up popped Mr Jackson full of marketing speak and promises to rebuild the business around the original Sketchley brand and SupaSnaps, a photo-processing operation bought from Dixons.
Just 15 months into the job, and he's back, cap in hand, asking shareholders to cough up pounds 22m. Profits have gone and borrowings soared. Mr Jackson was desperately attempting to paint the cash call as a positive move yesterday to support new business, and, to be fair, he does seem to have the support of large shareholders.
All the same, this is very definitely last-chance saloon. Sketchley is always promising better times ahead but somehow they never seem to arrive.
It was meant to have defeated its problems this time last year after closing 70 loss-making shops. But the stream of loss-makers amongst the Sketchley and SupaSnaps chains shows no signs of abating, with another 160 uncovered in March.
The problem is that most of Sketchley is in hugely competitive businesses, where brand name counts for little. New management's struggle against this unpalatable fact has been largely in vain, as the share price performance shows. The latest cash call at 105p is pitched at a price just 5 per cent higher than the rescue rights launched six years ago.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments