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One of the co-founders of the popular GHD hair brand has found himself at the centre of a legal battle after being ousted from the company.
GHD, or Good Hair Day, products, have really taken off over recent years, The GHD hair straightening irons, for example, have become a firm favourite with salons and users all over the world, taking the brand name from strength to strength since is was founded in 2001. However, one of the co-founders of the company has now found himself at the centre of a legal battle.
The legal battle is with a private equity firm that now owns forty percent of the GHD brand after the co-founder claims he was ousted from the firm. Martin Penny helped to launch the GHD brand, and claims that he was forced out from the company after he brought a number of irregularities to light. This came eighteen months after the private equity firm, Montagu Private Equity, acquired a forty percent stake in the company.
Penny, who is now thought to be worth over sixty million pounds, did not give details about the legal battle with the private equity firm. However, he did state: “I was removed from my position because I had brought irregularities to the board’s attention.”
However, both GHD and Montagu Private Equity have denied the allegations made by Penny. In statement the company said: “All allegations have been thoroughly investigated by the board and are without foundation. The board of GHD asked Martin Penny to leave on performance grounds. The board felt it was in all stakeholders’
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