7th Oct 2013 07:27
LONDON (Alliance News) - Pawnbroker Albemarle & Bond Holdings PLC Monday said its new chief executive would start over a week earlier than it had previously announced as it also appointed a new restructuring officer to help it overcome a downturn that could cause it to breach debt deals with lenders.
The company said new Chief Executive Chris Gillespie will now start October 7, rather than October 18 as it previously announced, while it has appointed Colin Whipp as chief restructuring officer from the same date.
Whipp is an experienced turnaround executive who has worked in public and private companies in the UK and Ireland, the company said in a statement. A qualified chartered accountant and Fellow of the Institute for Turnaround, Whipp has worked for turnaround experts BDO Stoy Hayward, and then at companies including Procter & Gamble and Bertelsmann UK.
"The acceleration of (Gillespie's) appointment to the CEO role from the previously planned date is in recognition of his energy and enthusiasm to take up the role and the board's confidence in the difference he can make to the company. We also welcome Colin on his appointment and I am sure that he will be of great assistance to Chris in his new role," Chairman and interim CEO Greville Nicholls said in the statement.
Albemarle & Bond last week said it is in talks with its lenders about solving potential breaches of its debt covenants later this year after discussions with its largest shareholder about an equity raising failed.The pawnbroking and jewellery business has been hit hard by the fall in gold prices this year.
Its shares were up 19.6% at 40.65 pence early Monday, one of the biggest gains on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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