Mor­risons chair­man set to ad­vise bro­ker Shore Cap­i­tal

Yorkshire Post - Business - - BUSINESS -

THE CHAIR­MAN of Mor­risons has been ap­pointed as a se­nior ad­viser at the com­pany’s for­mer bete noir, in­vest­ment firm Shore Cap­i­tal, which is now Mor­risons’ house bro­ker.

Shore Cap­i­tal said Andy Hig­gin­son is an “ex­pe­ri­enced and dis­tin­guished ex­ec­u­tive with many years op­er­at­ing at se­nior lev­els in suc­cess­ful Bri­tish com­pa­nies”.

Shore Cap­i­tal was ap­pointed as Mor­risons’ house bro­ker last July.

Prior to that Shore Cap­i­tal was one of the Brad­ford-based firm’s big­gest crit­ics when it was un­der the regime of for­mer chief ex­ec­u­tive Dal­ton Philips. This changed when Mor­risons ap­pointed David Potts as chief ex­ec­u­tive last March.

Af­ter spells at Unilever, Guin­ness, Laura Ash­ley and Bur­ton Group, Mr

Hig­gin­son was ap­pointed to the board of Tesco in 1997. He spent 15 years on the board when the group ex­panded to be­come the world’s third big­gest re­tailer.

Since his re­tire­ment from Tesco, Mr Hig­gin­son has been ac­tive in the con­sumer arena, hold­ing se­nior board po­si­tions at sev­eral FTSE 100 and 250 com­pa­nies.

He is cur­rently the chair­man of Mor­risons and N Brown Group. He is also a non-ex­ec­u­tive di­rec­tor of Wool­worths in South Africa and an ad­viser to War­burg Pin­cus.

He was pre­vi­ously a se­nior non-ex­ec­u­tive di­rec­tor of BSkyB and a mem­ber of the Rugby Foot­ball Union’s Board.

Si­mon Fine, chief ex­ec­u­tive of Shore Cap­i­tal, said: “Andy is an ex­cep­tion­ally tal­ented ex­ec­u­tive with an out­stand­ing con­sumer in­dus­tries rep­u­ta­tion. We are de­lighted to have gained his ser­vices and we look for­ward to work­ing to­gether.”

Mr Hig­gin­son said: “I have known Shore Cap­i­tal for many years and en­joy the group’s en­tre­pre­neur­ial spirit and com­mer­cial ap­proach; and am ex­cited about the prospect of help­ing Shore Cap­i­tal to fur­ther build upon what has been an im­pres­sive track record to date.”

Mr Hig­gin­son has played a big role in turn­ing Mor­risons around since he joined the com­pany in 2014.

It was his de­ci­sion to ter­mi­nate Mr Philip’s con­tract early last year and to bring in re­spected vet­eran Mr Potts.

Last Septem­ber, Mor­risons warned that its re­cov­ery would take “years not months” as it an­nounced the clo­sure of 11 su­per­mar­kets, putting 900 jobs at risk.

The news came as the re­tailer an­nounced a 47 per cent slump in half-year prof­its to £126m, its low­est level in nine years, but since then it has shown signs of im­prove­ment.

ANDY HIG­GIN­SON: Mor­risons’ chair­man has played a big role in the gro­cer’s turn­around.

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