Holmes & Marchant holding company Huntsworth is “taking a broom” to its business this week, as a trio of new non-executive directors joins the company. This follows last month’s clearout of the former board by shareholders after a continuously poor stock market performance.
In-coming non-executive director Anthony Brooke says the new board will take a critical look at all aspects of the business, with a view to improving revenue and profit. “This is an excellent opportunity to take a cool, hard look at the company, and a good time to make changes,” he says. “The company urgently needs a broom through it after ten fairly disastrous years.”
He adds that the design division is important to Huntsworth and the new board will be working closely with Clive Newman, Holmes & Marchant Corporate Design managing director.
Newman says that despite the upheavals it will still be business as usual. “The changes have led to a better structure, more stability and improved optimism among the staff. It is a positive move for everybody,” he says.
Jon Foulds, former chairman of Halifax, joins as non-executive chairman, and Lord Chadlington, founder of public relations group Shandwick will be a non-executive director alongside Brooke. They replace John Holmes, Gerald Holmes, Ian Walter, Robert Hinaman and Cedric Scroggs, who were voted out on 30 August by 97 per cent of investors at an extraordinary general meeting. They shared a pay-out of nearly £1m.