Chorion Chairman Stepping Down

LONDON: Lord Alli is stepping down as chairman of Chorion, owner of the Noddy and Mr. Men brands, after reportedly failing to renegotiate deals that would alleviate the firm’s debts.

Deputy chairman William Astor has also resigned. Alli and Astor were part of a four-person management team that sold Chorion to private equity firm 3i for £111 million in 2006.

Chorion’s current debt total is reportedly about £70 million. Alli has reportedly been looking to restructure the business over the past few months but failed to gain the support of the backers.