Recovery Plan

The one, two, three, four, five year recovery plan!

16.3.01 Financial Times
Mr Grimsey, who with Bill Hoskins finance director, has been conducting a review of Iceland’s finances said, “This is the last time we can be the messengers. As of tomorrow we must take full responsibility.”

16.3.01 Daily Mail
Grimsey is bemused at the share climb but confident he can get the group back on track within 18 months. “I am now comfortable that we fully understand the trading position,” he says. “As of tomorrow, I am responsible for this group.”

16.3.01 Daily Telegraph
“I just think people should be realistic. It’s 18 months to 2 years before we get the recovery. Only after that will you see where Grimsey has been.”

5.7.01 Daily Mail
“It has been a difficult year but we’ve stabilised the sale decline and used price cuts to restore our competitive position.”

30.11.01 The Sun
“The Company is in better shape than the one we inherited.”

30.11.01 Daily Telegraph
“We needed decisive action to get hold of this company. We’ve done it!”

30.11.01 Daily Post
“We have stabilised the sales performance of Iceland superstores and the profitability of the group.”

10.1.02 Financial Times
“This is our first Christmas. We have been here exactly one year. We have had to get a grip of the business – now we are moving into year two. We will see the fruits of our labours come through and we should not be judged on two weeks of Christmas trading.”

3.3.02 The Sunday Telegraph
“This is a mess, a big mess and it was not what I was expecting. But I am going to build a quality business over three years.”

6.3.02 BBC News (website)
“The key message is that this is a recovery process, which we’ve always said would take three to four years.”

6.3.02 This is Money
“The management team we have needs to be judged from today.”

7.3.02 The Guardian
“It is from now that we want to be judged.”

7.3.02 The Daily Post
“We are signalling that we have the plan, we have the people. The management team we have needs to be judged from now.”

Mr Grimsey believes he is only six months into a three-year recovery programme for Iceland, though his arrival at the group was in January 2001.

8.11.02 Daily Telegraph
“This is the first year of recovery. Last year doesn’t count. We had no management and no money.”

12.4.03 Daily Telegraph
“We are in a satisfactory position. I always said this would take three to five years.” He said he had “inherited a very difficult situation”, finding Iceland and Booker “In a complete pickle”. He accepted, however, that after more than two years in charge “I’m not blaming the past” for the low share price.

30.05.03 The Guardian
“At some stage we will emerge into positive territory. If I had pixie dust I would wave it over the whole estate and we would have sales growth.” Mr Grimsey said.

9.10.03 Daily Telegraph
Bill Grimsey, the chief executive of The Big Food Group, yesterday signalled that a second-quarter thaw in the economy had delivered a long-awaited turnaround at Iceland. “We’re not there yet. It is too early to say we have turned the company around. We turned Wickes around and that took us five years.”

7.11.03 The Guardian
“The recovery programme we put in place is on track.” Said Mr Grimsey.

4.04.04 The Mail on Sunday
Grimsey has asked investors to be patient. So far, they have obliged….But as he heads into his fourth year of BFG’s “recovery,” that patience must be wearing thin.

28.05.04 Daily Telegraph
“I don’t think we’ve run the business as well as we might in recent months.”

21.11.04 The Mail on Sunday
Grimsey has told friends that he is eager to find a face-saving exit from the company, having failed to revive its fortunes since taking the helm nearly four years ago.