Lush has found itself in a legal battle with a business set up by its former chief executive, Andrew Gerrie over its stake in the firm.
Silverwood Brands, which lists Gerrie as a director, announced in December that it had acquired a 19.8 per cent stake in Lush at a cost of around £216.8m.
But the London-based investment firm has now said that Lush is declining to record the transfer of that stake to its subsidiary, Cosmic Circles. Silverwood said Lush has failed to give a reason.
In response to the claims, Lush said that its board had “no choice” but to refuse the transfer. The firm argued that the company’s regulations contain “specific criteria” that must be met when a shareholder sells their shares.
