Resignations follow failed management buyout and profit warning at retail fit-out specialist
The chief executive and chairman of retail fit-out specialist Styles & Wood have stepped down from the company following their failed management buyout bid and the company’s recent profit warning.
Chief executive Neil Davies will be replaced by Ivan McKeever, who is currently managing director of Styles & Wood Ltd.
Davies will become a non-executive director until the end of the year to assist McKeever in the handover.
Chairman Gerard Quiligotti will also become a non-executive director until the end of this year or until a replacement is found.
Graham Clark will remain group finance director.
The plug was pulled on the private equity-backed MBO last month after the £315m-turnover company told the stock market that it would not meet market expectations in 2008.
In a statement to the City, Styles & Wood said: “We have concluded that it is inappropriate to pursue our indicative offer and hence all offer discussions have ceased.”
Turnover had been expected to hit £338m in 2008, and pre-tax profit was forecast to be £14m but the figures are understood to have fallen closer to 2007 levels of £315m and £11.8m respectively.
Its share price fell 60% to 41p after the news and was trading at 38p in early trading this morning.