Zillah Byng-Thorne breathes new life into funeral firm Dignity

In charge: Dignity boss Zillah Byng-Thorne

One of the UK’s leading female chief executives has been breathing new life into Dignity.

Zillah Byng-Thorne, former boss of publisher Future, is in charge of reviving the funeral firm’s fortunes after it was bought in a deal spearheaded in 2023 by insurance tycoon Sir Peter Wood, the founder of Direct Line.

Dignity had struggled on the London Stock Exchange where it notched up steep losses year after year, before it was taken private 18 months ago, as families moved towards cheaper services, cutting back on options such as funeral cars and hearses as the cost-of-living crisis hit pockets.

The company was also hurt by regulatory intervention in 2021 after the Financial Conduct Authority (FCA) forced funeral directors to display standardised price lists and prevented them from soliciting business through places such as care homes.

But under Byng-Thorne, 50, the company has shown signs of a comeback and is set to post earnings of £45 million for 2024, a 25 per cent improvement on last year. 

Under her leadership, Dignity has sold about 400 properties that were on the books and shut down unprofitable outlets.

Byng-Thorne said: ‘These properties have been accumulated over the years as the company bought up family-run funeral directors. Some have sat unused for years and weren’t even let out. Remarkable really.’

Some analysts have speculated that the business could make a swift return to the London stock market once the turnaround is complete.

Byng-Thorne added: ‘This is an 18-month job. The company needs to build solid foundations and then see some growth. But I think realistically it is five years before any meaningful exit.’

The company last week expanded its digital operations, snapping up end-of-life services provider, Farewill for £13 million. Farewill offers online tools to write wills, organise probate and arrange cremations.

The hope is that the deal to buy the digital start-up will help Dignity gain a larger portion of a death care services market that is expected to reach £145 billion by the end of the decade as populations in the West become older.

Dignity, based in Sutton Coldfield in the West Midlands, is one of the country’s two big funeral companies, alongside Co-op Funeralcare.

It employs 3,500 people, has 600 branches, manages 45 crematoria and 27 cemeteries and has issued 361,500 pre-paid funeral plans.

Dignity was taken private in April last year for £789 million, including debt, by a consortium comprising SPW One, Wood’s investment vehicle, and

Castelnau Group, a London-listed investment company which is managed by Phoenix Asset Management Partners.

DIY INVESTING PLATFORMS

Easy investing and ready-made portfolios

AJ Bell

Easy investing and ready-made portfolios

AJ Bell

Easy investing and ready-made portfolios

Free fund dealing and investment ideas

Hargreaves Lansdown

Free fund dealing and investment ideas

Hargreaves Lansdown

Free fund dealing and investment ideas

Flat-fee investing from £4.99 per month

interactive investor

Flat-fee investing from £4.99 per month

interactive investor

Flat-fee investing from £4.99 per month

Get £200 back in trading fees

Saxo

Get £200 back in trading fees

Saxo

Get £200 back in trading fees

Free dealing and no account fee

Trading 212

Free dealing and no account fee

Trading 212

Free dealing and no account fee

Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.

Compare the best investing account for you



***
Read more at DailyMail.co.uk