12th Nov 2013 10:01
LONDON (Alliance News) - Snoozebox Holdings PLC Tuesday said Chief operating Officer Gary Thomson will leave the company immediately after being made redundant, part of its ongoing restructuring programme to cut costs.
The company is revamping its transport and logistics unit to try and create a more variable cost structure.
In September, it reported a widened loss for the first half of the year as revenues fell and it booked charges for its restructuring programme. Its former chief executive officer and chief financial officer both stepped down in April and the company had to raise GBP9.5 million in June to meet working capital requirements as demand for its portable hotels fell short of expectations.
It offers what it describes as luxury accomodation in portable units like converted shipping containers. It has one year-round hotel at Silverstone. It claims to be able to get a fully-functioning hotel up and running within 48 hours of arriving at an event.
In a statement, Snoozebox said operations will report to Finance Director Lorcán Ó Murchú for the foreseeable future.
Snoozebox shares last traded at 12.25 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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