OUR family are shareholders in Unipart and have been since 1987.
No dividend has been paid on our investments since1998 therefore, we wish to comment on the Oxford Mail article June 19, 2014: Unipart continues to grow – despite £6.1m pre-tax loss.
First, the directors must stop buying companies that end up losing money. The latest disposal cost them dearly, and rush buying into markets they know little about only adds to the long-term problem the company has.
One only has to look back in recent times, to the loss of £150m when the Group aquired Partco, especially, without doing their homework.
Now the Group in 2014 can only offer an explanation that people are living longer to explain its pension deficit increasing to £278.5m.
We wonder if the directors have their money secure in a different pension scheme? Nothing will change in the short or term and the only hope for Unipart is a change at the top.
MICHAEL HOLDER
Collinwood Road,
Risinghurst
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