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Eight Peaks welcomes VirtualStock reorganisation

Eight Peaks has a 6.8% stake in retail and healthcare software group VirtualStock
Software
Virtualstock’s software, The Edge, allows retailers and their suppliers to talk remotely

Eight Peaks Group PLC (LON:8PG) has welcomed the reorganisation underway at portfolio company Virtualstock.

Rene Schuster is now executive chairman while Andrew Mills has stepped down as chief executive.

The business has also reorganised into two divisions, retail and healthcare, due to slower than expected orders in both sectors.

Zafar Karim, Executive Chairman of 8PG, said: "Rene has been at Virtualstock for just 3 months and is already having impact. Clarity in the business units is essential for profitable development, valuation and ultimately realisation.”

In healthcare, for example, SBS, a joint venture between Sopra Steria and the Department of Health, is tasked with achieving £1bn of savings for the NHS by 2020.

SBS serves 64 acute health trusts and the target is to have all 64 live using VS services by the end of 2019.

Schuster said: "Virtualstock has historically been very successful in implementing bespoke projects for large retail customers but our plans for the future are designed to make our company much more product-orientated leveraging our partnerships with the likes of SBS and IBM to go to market and for implementation.

“We have restructured our business in order to meet the changing needs of the customers we currently serve but more importantly to enable our business to expand its reach much further.”

Eight Peaks has a 6.8% stake in VirtualStock.

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Eight Peaks Group PLC Timeline

CN Research
September 03 2018

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