ACR-News

THE management of Worthington Nicholls is to be handed to Simon Beart and his team, before its general meeting on December 6.
The firm expects to appoint Beart as its chief executive, with Thomas Good as finance director and Ian Mann as deputy chairman.

Alastair Stoddart said he would remain non-executive chairman, while interim finance director Christopher Neilson, corporate director David Levis and non-executive director Stephen Mulligan will resign as directors immediately after Beart is appointed to the board.

The efforts of shareholders, who had called for the removal of the company's management, were rewarded with the news.

Earlier this year, the Beart, Good and Mann worked together to manage software company XKO group.

A company statement said 'The Board believes that the long-term drivers of the group's business, including global climatic change, the resultant legislative changes and the demand for air conditioned environments from consumers, remain intact.

'In Messrs Beart, Good and Mann the Board believes it has the team capable of bringing stability to the business and, thereafter, of building a business capable of taking advantage of these opportunities and rebuilding shareholder value'.

Trouble for Worthington Nicholls began in June when its turned up a pretax loss. Changes to its management began with chairman Mark Worthington being replaced by Alaistair Stoddart.

The board has decided to stop making any further acquisitions until the newly acquired companies are fully integrated into the group, stabilise trading performance and strengthen the board.

The firm has identified key steps to improve the business including better management of contracts, reviewing under performing businesses and centralising core skills.