Altitude Begins Restructuring Plans, Redundancies Expected

LONDON (Alliance News) - Altitude Group PLC Tuesday said it is in the process of restructuring its operations, including various executive changes, in order to enhance efficiency and reduce overheads, but which will result in a number of redundancies.

As part of the restructuring plans, former Finance Director Richard Sowerby has been appointed as chairman of the company, and Vicky Robinson, managing director of the company's subsidiary Trade Only Ltd, will fill the role of group managing director.

Peter Hallett has been appointed a non-executive director, while Martin Varley has been re-appointed as commercial director.

Until early 2014, Hallett was chief financial officer of both Redcentric PLC and Castleton Technology PLC.

"The board is in the process of implementing a restructuring of the group's operations in order to enhance efficiency and reduce overheads. The restructuring will include a combination of business units and will result in a number of redundancies," Altitude said in a statement.

"The board expects that the restructuring can be achieved without an impact on levels of business and will result in a material reduction in ongoing costs," the company added.

Shares in Altitude were trading down 3.9% at 12.50 pence Tuesday afternoon.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews

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