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RNS Number : 7797K
Portmeirion Group PLC
02 September 2019
 

2 September 2019

 

 

 

Portmeirion Group PLC

(the "Company" or the "Group")

 

Directorate Changes

 

Portmeirion Group PLC ( AIM:PMP )the designer, manufacturer and worldwide distributor of high quality homewares under the Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands announces that Lawrence Bryan, Director and Chief Executive, has after nearly 25 years in the business, decided to retire from his executive duties.  We are delighted, however, that he will continue with the business and stay on the Board of the Company as a Non-Executive Director.

Mike Raybould, Group Finance Director, having worked closely with all parts of the business for the last two and a half years, has been appointed as Chief Executive.  David Sproston, previously Group Financial Controller and Finance Director of Portmeirion Group UK Limited, the Group's main trading subsidiary, becomes Group Finance Director.  These changes become effective on 2 September 2019.

 

Mike Raybould joined the Group as Finance Director and has made a significant impact on our strategy and business.  The Board believe Mike is an excellent successor to Lawrence as Chief Executive as the Group continues on its path of growth and evolution into a diversified homewares company.


David Sproston joined the Group from Deloitte over ten years ago and has been Mike Raybould's deputy for the past two and a half years.


Bill Robedee, President of Nambé LLC which we acquired in July 2019, was appointed President of our enlarged US subsidiary division in August, leading the integration of the Nambé business and our existing US operations.


The Group's depth of talent and focus on succession planning will enable the executive team to continue to move forward with vigour, driving our strategy of growth of our world class consumer brands.

 

The Group is in the early stages of our critical seasonal trading period and are pleased to see that demand for key seasonal lines including Spode Christmas Tree is in line with our expectations. The integration of the Nambé business is progressing well.


Dick Steele, Chairman, said:

 

"On behalf of the Board, the Company, our people and our shareholders, I thank Lawrence for his service and wish him and his wife Wendy a happy and well-earned retirement.  I struggle to find words that are adequate to describe the huge contribution that Lawrence has made to the Group.  Without his leadership, commercial expertise, commitment and perspicacity the Group would not be the force that it is in homewares today.  I am delighted that he has agreed to continue to serve on the Board in a non-executive capacity.  The Group and executive team will continue to benefit from Lawrence's unparalleled sector knowledge, built up over more than forty years."

Lawrence Bryan, outgoing Chief Executive, said:

 

"After nearly 25 years with Portmeirion and nearly 20 of them as Chief Executive, it is with no small degree of sadness that I am stepping down from my Executive role with the Group.  I leave in place a very strong team of Senior Management in whom I have supreme confidence.  I am honoured to have been of service to the company in the past and delighted to be invited to continue to serve on the Board of Directors as a Non-Executive.  The Group is now a well-diversified company with a bright future and I look forward to seeing it grow under the extremely capable and energetic guidance of Mike Raybould."

 



 

ENQUIRIES:

 

Portmeirion Group PLC:

 

Dick Steele,

Non-executive Chairman  

+44 (0) 1782 744721

[email protected]

Mike Raybould,

Chief Executive

+44 (0) 1782 744721

[email protected]




Hudson Sandler:

Dan de Belder

Nick Moore

Oenone Potter

+44 (0) 207 796 4133

[email protected]

[email protected]

[email protected]




Panmure Gordon:

(Nominated Adviser and Broker)                

+44 (0) 207 886 2500


Freddy Crossley / Joanna Langley


Corporate Finance

James Stearns


Corporate Broking

 

Cantor Fitzgerald Europe:

(Joint Broker)                                           

+44 (0) 207 894 7000


Phil Davies / Rick Thompson


Corporate Finance

Casper Shand Kydd


Sales

 

Notes:

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

Appendix: disclosures required pursuant to Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies

David Sproston (aged 38) is currently, or has during the past five years been, a director of the following companies:

Current directorships or partnerships

Previous directorships or partnerships

Portmeirion Group UK Limited

NA

Portmeirion (Shenzhen) Trading Company Limited


 

David Sproston has options over 17,100 ordinary shares of the Company, representing 0.15% of the Company's issued share capital.

Save as set out in this announcement, there are no further details to be disclosed in accordance with Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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Price: 750

Market: AIM
Market Cap: £81.58 m
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