FB Roundup: Harvey Weinstein, Bacardi, and Pentland Group
Weinstein scandal could claim family business
The sexual harassment scandal surrounding Hollywood producer Harvey Weinstein may engulf the film studio he co-founded despite resigning from the board.
There have been at least two rumoured bids to buy a stake in the Weinstein Company, including one from billionaire investor-philanthropists Len Blavatnik and Ron. Colony Capital, the private equity firm founded by executive chairman Tom Barrack, also made an undisclosed stabilising investment in the studio and entered talks to buy part or all of its assets. If sold, industry watchers speculate remaining co-chairman Bob Weinstein would depart the company.
The multimedia production and distribution venture was launched by Harvey and Bob Weinstein in 2005, the brothers who founded Miramax Films in 1979. The loss of their family business would be the latest damaging repercussion for Harvey Weinstein since allegations of sexual misconduct and assault were made against him by about 50 women following the publication of an investigation by The New York Times on 5 October. The once-powerful producer was expelled from motion picture industry associations, while police in New York and London opened inquiries.
Harvey Weinstein, who owns 23% of the Weinstein Company, has denied the allegations of non-consensual sex.
Philanthropic Bacardi gives $3 million for disaster relief
The seven-generation Bacardi family business has committed $3 million for disaster relief and recovery efforts in Florida, and Caribbean islands including Puerto Rico, The Bahamas and Mexico.
The world's largest privately held spirits company said it would provide immediate relief and longer-term rebuilding efforts in collaboration with several non-profit partners and local governments, including the Government of Puerto Rico, in the affected communities.
Puerto Rico has been home to the Bacardi rum distillery, the largest premium rum distillery in the world, since 1936 where the company produces its namesake brand, and the Casa Bacardi visitor centre, the second most visited tourism venue in metro San Juan.
“The Bacardi family, company and our employees are deeply saddened by the devastation and horrific loss caused by the recent hurricanes and earthquakes. We hope these donations will help alleviate some of the stress and pain people are experiencing while addressing some of their most basic needs,” Facundo L Bacardi, chairman of family-owned Bacardi Limited, said.
“Disaster relief aid is part of our Philanthropy & Community Investment mission to provide assistance to communities in need. We're working closely with government agencies and not-for-profit partners to identify the most pressing needs so we can provide meaningful support.”
Founded more than 155 years ago, in Santiago de Cuba on 1862, the $5 billion family-owned Bacardi employs nearly 5,500 and sells its brands in more than 170 countries.
Pentland Group awarded for excellence by EY
The winner of the Top Family Business Award at CampdenFB's European Families in Business Awards in 2014 has added another accolade to its trophy cabinet.
Pentland Group won the EY Family Business of Excellence award at the EY Entrepreneur of the Year 2017 awards. The 11 financial leaders judging on behalf of EY chose Pentland “in recognition of leaders of outstanding entrepreneurial families”.
Founded in 1932, the $3 billion UK retail group owns Berghaus, Canterbury of New Zealand, Speedo, Boxfresh, Ellesse, KangaROOS, Mitre and Red or Dead. It is also the global licensee for Lacoste Chaussures and Ted Baker footwear, the UK licensee for Kickers, and is a shareholder in companies including Hunter Boot, Butterfly Twists, Heidi Klein and Tracksmith. The group is also the majority owner of JD Sports Fashion Ltd.
Pentland is headquartered in London with 26 offices worldwide and employs 28,000 people in 20 countries.
Andy Rubin (pictured with father Stephen), Pentland Group director and chairman of Pentland Brands, said: “We feel honoured to have won this prestigious award, it's great recognition of the fantastic work of all our teams within the Pentland Group family.
“We're very proud of what we have achieved over three generations. As a private, family owned business we focus on long term, sustainable growth. We are constantly learning and evolving and are passionate about our people, our brands, our customers and being good corporate citizens.”