Colart Reviews

Firstly, thank you for the time and effort made in your feedback. Whilst there is no denying that your message is difficult to read, I and the rest of the senior leadership team (GLT) continue to encourage open dialogue across all platforms. Whether that be externally, or through our internal initiatives such as our scheduled Townhalls across all business units. These townhalls allow a platform for addressing questions directly to the GLT and help us better understand perceptions through two-way conversations. It also gives me and members of the GLT an ideal opportunity to provide business updates relating directly to our strategy in an open and transparent way. Our aim is to ensure these forums allow for everyone to understand 'why' we do things the way we do. I also acknowledge the Colart business is a very different business now than seen in the past. For some, the way we work is not their preference. However, the continued challenging and growing competitor base seen in our current marketplace means that we can no longer operate without responding to these external changes and to ensure sustainability of our business. We have taken some risks in doing things differently. Some of those risks have offered a positive return such as a fundamental growth in our core fine art brands. This increased consumer engagement across brands aligns with ongoing investment in Elephant. Our strategy in building this part of the business may not be instantly apparent to all however is a calculated strategic risk that we feel is worth taking. Some of those risks have not worked either and we like to think we have responded to this as quickly and as practically as possible, again to ensure the sustained future of Colart. I must reinforce that we do not brush over what has not worked and the associated consequences, such as the recent redundancies. We recognise this can never be culture building however necessary. We also hope we have concentrated on delivering this in a fair and open way, upholding our values and retaining the special culture that is the Colart family. I've always said that it is ok to have different opinions and offered an 'open door' for face-to-face dialogue and discuss and explore perceptions from all sides. My door continues to be open and I welcome these ongoing conversations. Thank-you .. Dennis