Ultimate challenge

The co-founders of a kitchen gadget supplier saw nearly £30million wiped off their wealth yesterday.

Simon Showman and Barry Franks are nursing huge paper losses after shares in their Oldhambased business, Ultimate Products, crashed 50%.

The slump came as the company said weak wage growth, falling consumer confidence and cost pressures on retailers would prove a “significant” challenge.

Ultimate, which mainly supplies high street chains, owns the Beldray brand and holds the licence to sell Russell Hobbs and Salter kitchenware ranges in the UK.

Showman, who owns 22% of the firm, and Franks, with 12%, are still worth a fortune, after sharing a £70m windfall when Ultimate listed on the stock market in March.

The shares floated at 147p but plunged to 107p yesterday, hammering other investors.