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Debenhams and Mothercare bosses buy up shares

Retail bosses whose companies reported drops in Christmas trading have spent more than a quarter of a million pounds of their own pockets to prop up share prices, The Telegraph has reported.

The newspaper said that business leaders spent a total of £274,713 on share purchases.

Among them, Debenhams chairman Sir Ian Cheshire and chief executive Sergio Bucher spent £51,415 and £49,956 respectively buying shares at 29p, as Debenhams’ shares dropped.

Mothercare CEO Mark Newton-Jones bought 218,387 shares for £99,802, while finance chief Glyn Hughes bought £24,795 of shares.

Both Debenhams and Mothercare slashed their profit forecasts after Christmas trading at each fell short of expectations.

Debenhams said its profit before tax for the full year was likely be between £55m and £65m – lower than the City consensus of £78m to £95m – while Mothercare cut its profit forecasts to between £1m and £5m, from £10m.

Other bosses who bought shares include Card Factory chief executive Karen Hubbard.

Readers' comments (1)

  • When salaries go into millions, the sentiment is great, but more likely an act of those under pressure with their strategy.

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