Dunelm share price edges down despite new boss John Browett snapping up £200,000 shares

 
Kasmira Jefford
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The company has launched an ambitious plan to grow sales by 50 per cent over the next five years (Source: Dunelm)

Former Dixons chief executive John Browett has spent more than £200,000 of his own cash snapping up Dunelm shares as he prepares to take over the reins as chief executive in January.

Browett, who joined the board of the homeware retailer in July, has bought 18,608 shares at £9.27 and 2,998 shares at £9.25, giving him a stake of around 0.01 per cent in the business.

Dunelm directors William Reeve and Simon Emeny also bought around £43,500 of shares.

The company's share price edged down 0.37 per cent to 944.5p so far today, despite the vote of confidence in the chain.

Browett has had a chequered career since leaving leaving the electricals giant – now known as Dixons Carphone – in 2012 to move to California and join Apple as head of retail.

His stay at Apple’s US headquarters was famously short-lived – lasting just six months, before he was ousted by boss Tim Cook – and in 2013 he emerged as chief executive of jewellery and clothing chain Monsoon.

But in February, the retail veteran, who has also held senior roles at Tesco, announced he was quitting after a difficult two years for the fashion chain, which is struggling to revive sales.

His latest move to Dunelm was announced less than a year after the abrupt departure of the FTSE 250 retailer's former boss Nick Wharton. Will Adderley, the son of Bill and Jean who founded the homewares retailer in 1979, stepped back in to run the business and launched an ambitious plan last year to grow sales by 50 per cent over the next five years.

Browett will also oversee the group's plans to eventually have around 200 out-of-town “superstores” – up from 149 today.

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