Franchise Brands PLC (AIM:FRAN) has announced a new corporate governance structure to run what has become a larger business after two acquisitions were completed in the past year.
A two-tier management organisation will be introduced in October, a company statement said on Monday, after the group's expansion to seven brands in 10 countries following the acquisitions of Filta in March 2022 and Pirtek Europe in April 2023.
Under the new five-director strong board and a new management board, a host of changes will also take place, the AIM-listed business added.
“The acquisition of Filta and Pirtek in successive years has allowed us to build a multi-national franchise business of scale, which is rich with opportunities for further rapid growth,” executive chairman Stephen Hemsley said.
“It is therefore appropriate that our corporate governance structure develops in line with the expansion of the group and our ambition for the future.”
Audit committee chair David Poutney will retire as a director but remain on the management board, with former HSBC head franchiser Andy Brattesani replacing him.
Hemsley and chief financial officer Mark Fryer will make up the PLC board’s executive directors, alongside Brattesani, Nigel Wray and newly appointed Peter Kear - founder of D4t4 Solutions PLC (AIM:D4T4, OTC:DFORF).
Executive directors Peter Molloy, Jason Sayers, Tim Harris, Colin Rees and Julia Choudhury will step down to the company’s management board meanwhile.
Current Pirtek managing director Chris Stuckey will then replace Alex McNutt as its chief executive officer and work closely with Hemsley.
“As a result of the significant opportunities we have to build a much larger business, the group has decided to accelerate the process of integrating Pirtek Europe,” Franchise Brands added.