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Greatfleet
- BY: Andrew Hore |
- POSTED: 05/11/2007 |
Things go from bad to worse at recruitment company Greatfleet.
The management says that “certain matters” could have a negative impact on the outcome for the full year. On top of that trading in October was significantly worse than expected. There are no indications whether it is legal or financial or other recruitment areas that are suffering.
New chief executive Colin Gerstein must wish that buyers had to provide warranties rather than the companies they are buying. He joined Greatfleet when it bought his company Qualitas. He is now left to sort out the business and it appears he won’t be receiving the deferred consideration payment he thought he would achieve.
There is a temptation to think that some companies are ‘cursed’ to consistently perform badly. Greatfleet used to be known as Longbridge prior to the reversal of Fleet into the company at the end of 2005. Longbridge was a disappointment as well. Three years ago Greatfleet/Longbridge’s share price was just over 70p – and that was well down on its all-time high. Greatfleet’s share price is now 4.75p.
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