ME Group
| File:ME Group International logo.png | |
| Company type | Public limited company |
|---|---|
| LSE: MEGP | |
| Industry | Vending |
| Founded | 1946 |
| Headquarters | Epsom, Surrey, England |
Key people | Sir John Lewis (Chairman) Serge Crasnianski, (CEO) |
| Revenue | Increase £307.9 million (2024)[1] |
| Increase £74.4 million (2024)[1] | |
| Increase £54.1 million (2024)[1] | |
| Total assets | Decrease £312.6 million (2024)[1] |
| Total equity | Increase £179.9 million (2024)[1] |
| Website | me-group |
ME Group International plc, formerly Photo-Me International plc, (LSE: MEGP) based in Epsom, Surrey is a vending machine operator. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.[2]
History
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The company has its origins in a compact photograph developing process discovered by Gupp Allen and Ignatius Dunlap Baker in California in 1946.[3] They brought the process to the UK as a business named "Photo-Me" in 1952 and the company was first listed on the London Stock Exchange in 1962.[4]
Serge Crasnianski became chief executive in 1998 and, under his leadership, the company saw a significant increase in its share price as investors were led to believe that photo booths would ultimately provide internet services on the go.[5]
Three directors caused the company embarrassment in February 2007, when they cashed out their share options shortly before the company issued a profit warning: the Financial Services Authority subsequently fined the company £500,000 for not informing the markets in a timely manner.[6] In September 2007, a shareholder revolt over plans to sell off the vending division forced Serge Crasnianski and Vernon Sankey to resign.[7]
Serge Crasnianski was reappointed to the board as a non-executive director in May 2009. He was re-appointed chief executive in May 2010 and immediately implemented the disposal of the company's loss-making wholesale photo-processing labs business.[8]
In November 2016, the company announced that the company had bought the photo division of Asda stores, taking over the supermarket's 191 photo centres and 172 self-service kiosks,[9] and, in December 2019, the company diversified into the laundry business, with a division called "Revolution" providing 24/7 outdoor self-service launderettes.[10]
The company was criticised in the satirical magazine, Private Eye, after it was disclosed that its chairman, John Lewis, had donated approximately £390,000 to the Conservative Party before being appointed a Knight Bachelor in the 2019 New Year Honours.[11]
The company changed its name from Photo-Me to ME Group in August 2022 to reflect its reduced dependence on the photo booth business.[12]
References
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