ABM.L Regulatory News (ABM)

13 Aug 2009 07:00



Albemarle & Bond Holdings plc

("Albemarle & Bond" or "the Company")

Directorate Changes

Albemarle & Bond, the UK's leading pawnbroking business by number of stores, announces the following changes to its board of directors.

Barry Stevenson has been appointed as Chief Executive Officer with effect from 14 September 2009 succeeding Greville Nicholls who will become Chairman with immediate effect. Following a period of ill health, Charles Nicolson today steps down as Chairman. 

Greville Nicholls has been Chief Executive Officer for the last 14 years and overseen the Company's successful expansion strategy since its introduction to AIM. The Board believes that given the specialist nature of the business Mr. Nicholls' appointment as Chairman will ensure continuity and a smooth transition. These Board changes represent careful succession planning and are, the Board believes, a natural progression for the Company.

Sterling Brinkley, currently a Non-executive Director of the Company has been appointed Deputy Chairman with immediate effect. Sterling is the Chairman of the Board at EZ Corp, a market leading pawnbroker in the US and Albemarle & Bond's largest shareholder. His appointment further strengthens the top level of the board as the Company continues pursue to its long term business strategy.

Barry Stevenson has extensive experience at high profile companies. Most recently he was at Wyevale Garden Centres where he was CEO. Prior to this he was retail director and a member of the executive committee at Marks and Spencer plc, where his responsibilities included the development and roll out of the Simply Food format. Barry joined Marks and Spencer in 2001 having previously spent 6 years in a variety of senior roles at B&Q plc, including Managing Director of the B&Q Supercentres business.

Greville Nicholls commented:

"The Board are delighted to announce the appointment of Barry Stevenson and we believe that he has the necessary experience and vision to continue Albemarle & Bond's impressive level of growth and development. Barry has a proven history of creating shareholder value with a strong record of implementation, delivering against demanding targets and leading successful teams in a highly competitive and customer focused environment.

Albemarle & Bond has grown successfully and greatly evolved since its inception in 1983. The appointment of Sterling Brinkley as Deputy Chairman provides us with a robust top level board of directors who are highly experienced and knowledgeable about the sector which enhances our ability to sustain growth.

On behalf of the Board I would like to acknowledge the important role Charles Nicolson has played in the success of Albemarle & Bond. We are grateful for his contribution and wish him well in the future."

Barry Stevenson commented:

"This is an exciting time for Albemarle & Bond and I greatly look forward to contributing in its continued success. The business has outstanding potential to benefit from positive market conditions and deliver further growth."

Enquiries

The following information is disclosed in relation to Schedule 2 paragraph (g) of the AIM Rules:

Barry John Stevenson (aged 49) is currently a director of The Safe and Secure Store.com Limited and Orion Security Solutions Limited.

In the past 5 years he has been a director of the following companies:

Barry Stevenson resigned as a non executive director of Stead & Simpson Holdings Limited and Stead & Simpson Employee Share Ownership Limited on 28 January 2008. On the same day the trading activities of the group (but not these statutory entities) were placed into administration.