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Stock Spirits hires Polish manager amid shareholder complaints

Published: 08:23 15 Apr 2016 BST

vodka-shots
Sypek will be MD of Stock's Polish subsidiary.

Having faced appeals from an activist shareholder Stock Spirits Group (LON:STCK), a central and eastern Europe vodka and spirits group, has today announced the appointment of a new senior manager.

Marek Sypek is currently CEO of Agros-Nova Holdings, Poland’s largest drinks and jams business, but he will be joining Stock Spirits in June, the company said.

Sypek will be based in Warsaw and will take full responsibility for the group’s flagship Stock Polska subsidiary.

The appointment comes as cash-and-carry entrepreneur Luis Amaral, the company’s largest shareholder and effectively largest wholesale customer, has strongly raised concerns about the business and called for group chief executive Chris Heath to stand down.

Amaral had criticised Stock Spirit’s London based management saying it was managing the Polish business by “remote control”.

Yesterday, Stock Spirits released an unscheduled trading update showing a 29% rise in first quarter revenue to €55.3mln and a turn into (operating) profitability – at €6.3mln versus a €4.2mln loss in the same three months of last year.

The company added that its prior ‘root and branch’ review of its business, conducted the year before, had ‘clearly delivered results’.

In today’s statement, Heath said: "I am delighted to welcome such a talented leader to Stock and I am confident that Marek will prove to be a major asset for the group as we return the business to growth. 

“Having previously been the chief executive of Agros-Nova he has a widespread understanding of the food and drinks industry as well as the business environment in Poland."

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