Duchess of York steps down as director of troubled Chinese-backed West End firm that paid her £200,000 for ‘marketing and promotion’ and loaned her £90,000
- Sarah Ferguson, 60, stepped down from her executive role at Gate Ventures
- The Chinese-backed theatre firm has experienced recent financial difficulties
- In August it had to fend off administration attempts by its Chinese investor
- Gate said Fergie would continue on as global ambassador, a newly created post
The Duchess of York has resigned as director of a troubled Chinese-backed West End company which she previously borrowed £290,000 from.
Sarah Ferguson, 60, stepped down from the executive role at Gate Ventures to focus on ‘other business and charitable ventures,’ the firm said on Tuesday.
Gate was founded in 2015 by songwriter and entrepreneur Geoff Morrow, and has backed West End theatre shows including 42nd Street and Sunset Boulevard.
Sarah Ferguson, 60, stepped down from the executive role at Gate Ventures to focus on ‘other business and charitable ventures,’ the firm said on Tuesday (Ferguson pictured with the Duke of York in June 2019)
The duchess had worked ‘tirelessly alongside the board to secure the future of the business’ in some ‘very challenging conditions’, Lord Grade of Yarmouth, 76, the former BBC boss who chairs Gate, said in a statement on the company’s website before Christmas.
Gate said Fergie would continue on as global ambassador, The Times reported.
The company, which refused to reveal how much the duchess was paid for her role, has endured a difficult financial period, culminating in a dispute with a Chinese shareholder over failed fundraising.
In August it had to fend off administration attempts by the investor, Zheng Yongxiong.
However, at a hearing at the end of September, the High Court in London threw out the lender’s application to put the company into administration.
The ruling allowed the firm to resume its search for new investors. Gate later said it had a ‘potential agreement’ from an unnamed backer.
The firm posted a £2.7million loss for the year ended June 30, 2019.
Prince Andrew’s ex wife joined Gate in 2017 as an executive director ‘to assist with the branding and marketing of its products and productions. Sarah Ferguson Duchess of York Discover Film party at the Ivy Club, London
Prince Andrew’s ex wife joined Gate in 2017 as an executive director ‘to assist with the branding and marketing of its products and productions’.
Her tea company, Ginger & Moss, had an online joint venture with Gate, which was founded by Mr Morrow, who has penned hits for stars including Elvis Presley.
Gate’s shares, listed in Copenhagen, have dived 99 per cent since floating in 2016.
The Daily Mail reported last August that the duchess had invoiced the Gate in April 2017 for £200,000 for marketing and promotion and had been given a £90,000 loan in July.
It is understood that the £90,000 has been paid back.
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