BBB Design is planning major growth following the appointment of a new non-executive chairman next month. The current chairman and chief executive Philip O’Donnell confirms that either a rights issue or, if necessary, borrowing will fund the growth.
The start of February will see the appointment of Neville Buch, formerly chairman of exhibition group Blenheim, as non-executive chairman of BBB. A non-executive director since December, Buch has led the acquisition of 29.6 per cent of BBB’s issued share capital by a family trust and associated companies.
A considerable portion of the shares he has acquired were bought directly from Philip O’Donnell, whose holding in the company has decreased from 63.5 per cent to 39.6 per cent. O’Donnell will stay as chief executive, and confirms that the company intends to expand into new markets.
The company has meanwhile achieved a listing on the Official List of the London Stock Exchange. It was previously quoted on the Unlisted Securities Market, which is currently being wound down.
The changes follow the release of BBB’s interim results for the six months to 31 October 1996. BBB achieved an operating profit of 41 000, compared to 99 000 for the same period the previous year, while turnover increased from 537 000 to 618 000. Overall profit for the six-month period was down to 27 000, compared to 80 000 in the six months to October 1995. The latest figures were knocked by 80 000 owed to BBB by a debtor. Although BBB expects to be paid, it has made provisions to cover the loss to be “prudent”, says O’Donnell.