Silverwood calls in solicitors in Lush dispute
Silverwood Brands has instructed solicitors as it considers legal action against Lush after accusing the brand of failing to acknowledge a share transfer.
Last month the cosmetics group claimed the retailer had not acknowledged its acquisition of £216.8m worth of shares, representing around 19.8% of Lush’s total share capital.
Silverwood said that Lush had provided its reasoning for declining to record the share transfers, however has since “rejected” the reasons given by the beauty retailer.
As a result the group has opted to instruct solicitors to take up the issues with Lush. Silverwood said it is comfortable with its position and will take the appropriate steps to protect its interests.
“Silverwood hopes that the Lush management team will focus on building value for all Lush stakeholders, including minority shareholders such as the Lush Employee Benefit Trusts”, the group said in a statement.
“Silverwood continues to invite a constructive and open dialogue with the Lush management team so that all matters can be resolved”, it continued.