Accrol Gp Regulatory News (ACRL)

2 December 2020

ACCROL GROUP HOLDINGS PLC("Accrol", the "Company" or the "Group")

AIM: ACRL

APPOINTMENT OF CHIEF FINANCIAL OFFICER

Accrol Group, one of the UK's leading independent tissue converters, is pleased to announce that it has reached formal agreement with Richard Newman FCA to take up the position of Chief Financial Officer and join the Board of Accrol with effect from 1 February 2021.

Richard, aged 52, is a highly accomplished executive with 30 years' experience in senior finance roles at FTSE 100 and FTSE 250 companies, Cadbury PLC, National Express Group PLC and DS Smith PLC.

His career began at PwC in 1991, where he qualified as a Chartered Accountant. Richard joined Cadbury PLC in 1996, progressing to Finance and IT Director, Ireland, and, latterly, Group Financial Controller. After 15 years with Cadbury, he took a new role as Divisional Finance Director at National Express Group PLC, before joining DS Smith PLC in 2015, as UK Finance Director for Packaging.

Richard is currently Regional Finance Director for North Europe at DS Smith PLC, with commercial, operational, and corporate finance responsibilities across the UK, Germany, Benelux and the Nordics.

The Board considers that Richard's proven leadership skills, knowledge and breadth of experience in M&A, FX Management and FMCG, gained during his career with large PLCs, will significantly strengthen the Group's finance function and be invaluable in the delivery of the Group's significant expansion plans over the coming years.

Dan Wright, Executive Chairman of Accrol, said:

"Richard has worked with key members of our senior team here at Accrol, and his decision to join us, from a successful global, multi-billion-pound business, demonstrates the confidence he has in our ability to deliver on our plan. We are focused on building a diversified tissue and personal hygiene business of considerable scale organically and by acquisition and Richards's proven M&A and integration skills will be integral in the achievement of our ambitions."

Gareth Jenkins, Chief Executive Officer of Accrol said: 

"The building blocks for growth are now firmly in place at Accrol and the acquisition of Leicester Tissue Company in November, signalled our intentions for the Group. Richard will be key to the delivery of our growth plans and, having worked with him at DS Smith, I know first-hand the valuable skill set he will bring to the Group.

"He will help accelerate our significant expansion plans, building on the strong foundations put in place over the last three years, and the delivery of significant returns to our shareholders." 

From 1 February 2021, the Board will comprise Daniel Wright (Executive Chairman); Gareth Jenkins (Chief Executive Officer); Richard Newman (Chief Financial Officer); and Euan Hamilton and Simon Allport (Non-Executive Directors).

The following information is disclosed as required under Schedule Two paragraph (g) of the AIM Rules for Companies.

Richard Newman currently holds the following directorships which will end upon his appointment to Accrol Group Holdings Plc

Previous directorships including all of those held within the last five years are listed below:

Richard holds 5,000 Accrol Group Holdings plc ordinary shares of £0.001 each.

There is no further information on Richard required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

Overview of Accrol

Accrol Group Holdings plc is a leading tissue converter and supplier of toilet tissues, kitchen rolls and facial tissues to many of the UK's leading discounters and grocery retailers across the UK. Following the recent acquisition of a state-of-the-art tissue converter based in Leicester, the Group now operates from five sites, including four in Lancashire, which generate revenues totalling c.16% of the £1.7bn UK retail tissue market.