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Any thought that the downturn might make the middle market more attractive, has clearly carried no weight with chief executive Bill Ruprecht and chairman Michael Sovern. In their annual report to shareholders, which has just been published, they say they “remain firmly committed to [the] strategy going forward”.

The report also reveals that on February 26 the board signed off the next phase of the company’s restructuring plan, which affects the UK and Europe and will see a reduction in sales in Amsterdam as well as staff cuts.