Restore PLC (AIM:RST) took a battering on AIM on Tuesday morning as signs of trouble in the upper ranks at the office-management group started to flash red.
Effective immediately, and by “mutual consent”, Charles Bligh has stood down as the company's chief executive and board director, with senior independent director Jamie Hopkins taking the temporary mantle.
Hopkins was head of FTSE 250 constituent Workspace Group PLC (LSE:WKP) between 2012 and 2019, where, says Restore, “he delivered strong operational and financial performance, as well as leading significant growth and delivering business change”.
In a concurrent trading update, the AIM-listed group announced that adjusted profit before tax will be lower than previously expected at £31mln for the full year.
An executive search process for a replacement chief executive will be initiated with immediate effect.
Restore shares were 30% lower at 161.3p in early trading.