Penny leaves ghd
MARTIN Penny, one of the key figures behind the growth of hairstyling phenomenon ghd, has left the company, TheBusinessDesk.com can reveal.
It is understood that Mr Penny left his position as group managing director of Yorkshire-based Jemella Group, the company behind the ghd hair product brand, on Christmas Eve.
A spokesman for the business confirmed that the Yorkshire entrepreneur was no longer at the organisation but refused to comment on speculation that a rift between Mr Penny and the board had led to his exit.
Other members of Jemella Group’s board have taken on Mr Penny’s duties, the spokesman said. No timescale has been given on the appointment of a successor.
The spokesman, who said the company’s board wished Mr Penny well as he pursues other business interests, added that ghd was performing in line with its business plan.
Mr Penny, a former Ernst & Young Entrepreneur of the Year Award winner, spearheaded hair beauty brand ghd’s move to its new headquarters at Bridgewater Place in Leeds earlier this year.
He was one of three founders who launched the ghd styling irons in the UK from a base in Ilkley in 2001, growing it into an operation endorsed by celebrities globally.
The company continues to operate its customer support services centre from Silsden, where it was previously headquartered.
The Bridgewater Place premises, which houses around 50 ghd staff, boasts a ‘ghd Academy’ which provides specialist courses for stylists who sell ghd straighteners through their salons and for consumers.
Already with a profile in countries including the USA, South Africa, Australia, Spain, Israel and Poland, Jemella has said it wants to grow ghd’s £100m annual turnover by developing into the Far East and the United Arab Emirates.
The styling irons were originally brought into the UK by former Ilkley hairdresser Robert Powls with support from Martin Penny and Gary Douglas.
Two years ago Mr Penny effectively bought out ghd’s two other co-founders backed by LDC.
Mr Penny then went on to complete a second deal in which Montagu backed him and bought out LDC at a considerable premium to their original investment in the firm.
