Ian Gillespie, who founded the Northumberland-based Fone Logistics distribution business in 1996, has restructured the company. He says the move was essential to provide long-term security for the business and its 75 employees.
This news comes three years after Ian Gillespie sold part of the business in 2006.
“The plan three years ago was for me to take more of a back seat in the day-to-day running of the business”, said Mr Gillespie, “but since then, with my reacquisition of the share capital and the economic climate the way it is, things have changed. So, for the future well-being of the company and its employees we have performed this transaction to improve our position and create greater stability.”
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Back in 2007, Vodafone took control of the Hutchison Essar network in India. Vodafone said it didn’t need to pay capital gains tax on behalf of Hutchison because the transaction didn't involve any Indian businesses – but the Indian government’s income tax (I-T) department saw things differently. After an appeal to the Indian courts that was eventually referred back to the I-T department, the tax authorities have given Vodafone until 16th November to explain why it shouldn’t be treated as a tax defaulter.
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