Warpaint London renews Ward & Hagon links as advisory contract yields results
Colour cosmetics and skincare supplier Warpaint London has renewed its contract with Ward & Hagon Management Consulting for a further 24 months, to 1 January 2024.
The practical business solutions provider will continue to assist in implementing Warpaint London’s strategic growth plan, the owner of the W7 and Technic brands said.
During 2021 Ward & Hagon “successfully assisted the group in developing and implementing its strategic plan by gaining listings for products and widening distribution in the UK”. It also assisted with plans for growth in the US, China and in digital marketing.
The contract, which has a total value over 24 months of £380,000, includes the services of Paul Hagon, who is also an executive director of Warpaint, and Martyn Ward, together with other members of the Ward & Hagon team.
In addition, Ward & Hagon will be paid a commission of 3% on all sales generated from their introductions in the 12 month period from the point of first sale, and 4% on all sales generated from their introductions.
It will also receive a commission of 3% on all Tesco sales from 17 February for 24 months.
“In recognition of the success of the arrangements to date, and to incentivise Ward & Hagon and align them with the long-term interest of shareholders”, they have also been granted options to subscribe for 200,000 ordinary shares of 25p in the company at an exercise price of 127.5 pence per share, being the closing mid-market price on 1 March. The option "is exercisable between three and 10 years from the date of grant”.
Warpaint London said: “The board is of the view that the services… represent value to shareholders through assisting the company to achieve is near term objectives. Accordingly, Ward & Hagon will continue to focus on helping the group to access new retail channels both in the UK and overseas.”
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