John von Spreckelsen, Chairman of chocolate retailer Thorntons, has bought up 400,000 shares in the firm, one week after it reported that its pre-tax profit more than halved after heavy discounting.
Spreckelsen, who last year announced his intention to quit the firm before the end of September, bumped up his stake in the company to 2.77%, equivalent to more than 1.89m shares, with the £99,440 transaction.
The Chairman, who joined the firm midway through 2006, bought the shares over two days at an average price of 24.855p.
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In its results announced on February 15th, the firm announced that it waived its interim dividend payment after profit before tax and exceptional items fell to £3.1m for the 28 weeks ended 7 January 2012 from £8.4m in 2010. Revenues for the period declined to £130m from £133.5m previously.
The group, which last year closed a string of its shops, said sales in its own stores dropped by 7.9% to £68.3m in the six-month period.
Net debt at period end was £16.2m compared to £14m the year before.
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Director name: Mr Gavin Breeze
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Director name: Mr John Von Spreckelsen
Amount purchased: 400,000 @ 24.86p
Value: £99,440
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Director name: Mr Gavin Breeze
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