2/21/2008 11:50:00 AM
Unique’s CEO Tow departs
Unique Distribution CEO Andy Tow has left the company after only eight months in charge, Mobile can reveal.
Tow is thought to have grown increasingly frustrated with tax investigations into Unique and its parent company, Innovative Global Business Group Ltd (IGB).
His departure comes after a Crown Court Judge discharged an order that stopped the sale of any of IGB’s assets, which had been in place since January. This effectively ends the HMRC probe.
A spokesman for IGB said: ‘We were totally baffled why HM Revenue and Customs acted in such a draconian manner from the outset, having already been the subject of ongoing investigations in common with other mobile distributors.’
Rumours have been rife that the Hayes-based company has been in danger of going out of business, but just last week Tow vehemently dismissed the speculation.
Speaking to Mobile on Tuesday, Unique’s commercial director, David Hinc, refused to confirm if Tow was still in charge of the distributor. He said: ‘Andy is considering his position, and an announcement will be made by the end of the week.’ However, Mobile understands that Tow left the Hayes-based distributor last Friday.
Tow, who spent 16 years at Vodafone, joined Unique from independent service provider Adam Phones, replacing current Advantage boss John McFarnon.
Unique is still the subject of a £27m investigation by HMRC for deals done under the previous regime in 2005. The 3 airtime distributor has come under increasing pressure from its competitors, with local rival Advantage claiming to have taken a significant chunk of 3’s airtime business.
Sources have told Mobile that Unique was the subject of a £750,000 clawback by 3, relating to the collapse of Click Mobile.