Sports Direct (Photo credit: Edward Hands)Sports Direct Appoints New Head of Legal Amid Financial Turmoil
The appointment comes during a period of financial upheaval at the retailer.
July 30, 2019 at 06:47 AM
3 minute read
Embattled high-street chain Sports Direct has appointed a new head of legal, following the departure of the firm's stalwart, Cameron Olsen, earlier this month.
According to documents filed at Companies House, Tom Piper has simultaneously been appointed company secretary, taking over from OIsen on July 1.
Piper joined Sports Direct as legal counsel in the company's property arm in 2017, and prior to that was an associate at U.S. firm Faegre Baker Daniels.
Speaking to Legal Week, Piper said he and Olsen had undergone a six-month handover to ensure a smooth transition.
Outgoing Olsen, who the company confirmed has now left the organisation to return to Australia, had been with Sports Direct since 2004. He was made head of legal in 2007 and became company secretary six years later.
In a tumultuous month for the retailer, Sports Direct was forced to delay publication of its annual results on two separate occasions, later publishing them after the markets closed on Friday.
The firm's shares dived by more than 20% on Monday morning to 183.90, before recovering to 216.80 as of this morning (July 30).
In its results announcement, the company revealed it had been subject to a tax audit in Belgium on July 25, receiving a payment notice from the Belgian tax authorities of about €674 million.
The company also stated that it was in talks with a number of auditors in a bid to "build a relationship in anticipation of a tender process in due course", but that talks had been difficult.
The Financial Times reported yesterday (July 29) that Grant Thornton intends to step away from its role as auditor of the firm, citing concerns over the retailer's 11th-hour tax bill.
Sports Direct's finances have been increasingly in the public eye, following the firm's acquisition of House of Fraser just hours after the retailer went into administration.
Last month, Sports Direct also launched legal action against Debenhams in a bid to reverse the firm's company voluntary arrangement (CVA), which would see Debenhams close 50 stores.
Sports Direct previously owned a 30% stake in the business, which was wiped away when Debenhams' owners transferred assets to the retailer's lenders. Sports Direct had previously made two takeover offers, which were both rejected.
Grant Thornton declined to comment, while Sports Direct did not respond immediately to requests for comment.
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