ALLIED BOARD APPOINTMENTS
John Corrin and Geoff Wilshaw have been contemplating retirement for some time and consequently giving serious consideration to the timing in the best interests of continuity and the future development of the Group.
When 3i decided to sell Allied Textiles, both John and Geoff indicated that any prospective purchaser should make planning for their succession a high priority.
Since our acquisition of Allied Textiles further rationalisation has taken place with the sale of our remaining interest in Carpets (Halbmond) and the completion of the sale of the Yorkshire based surplus properties.
The Synthetic Operations are now our core business and it is essential we develop and implement a strategy to take the business forward rather than pursue the 3i objective of sale.
John and Geoff welcome the positive change in direction but feel the time is right for the succession plans to be implemented.
John Corrin will retire as a Director of the group on 31st December 2007 after many years of service. We are greatly indebted to him for his support over recent months and to the group over many years.
I am pleased to announce that Stewart McGuffie joined the group as Chief Executive on September 3rd 2007. Stewart has worked for a number of textile groups, most recently the Christy Towels business in Manchester.
Stewart will work closely with Geoff Willshaw over the next few months to ensure an orderly transfer of Geoff’s group responsibilities.
Geoff will remain directly responsible for the Mayfield Yarns operation as Managing Director. The recruitment process to replace this role is however well advanced and an announcement is expected in the next few weeks.
Once an orderly handover of both roles is complete, Geoff will retire from the Allied business. This is unlikely to happen before the end of the year. Geoff has also been a great support to us and the business and we thank him for his efforts and for the support he continues to give.
Christopher Edge
Chairman