31 Jan 2020 07:00
| 31 January 2020 |
This announcement contains inside information
Connect Group PLC
("the Group" or "Connect ")
Annual General Meeting and Board Responsibilities
Connect Group PLC, a leading specialist distributor, holds its Annual General Meeting at 11.30am today. Chairman Gary Kennedy will confirm to the meeting the continued progress being made with the strategic review of Tuffnells, which was announced in November 2019. Mr Kennedy will also tell the meeting that after five years in the role of Chairman he intends to step down from the Board on conclusion of this process.
During his five years in the role, Gary has led the restructuring of the Group involving significant portfolio rationalisation and the adoption of a prudent and disciplined approach to capital management. To ensure continuity and momentum, he will continue to lead the strategic review of Tuffnells and is expected to remain as Chairman until a suitable successor is identified and available to take up the position. A formal process to identify his successor will now commence and a further announcement will be made on selection of the successful candidate.
As also announced in November 2019, Michael Holt, Non-Executive Director of Connect and a former Chief Operating Officer at Fedex Express (Europe) is acting as Executive Chairman of Tuffnells for the period of the strategic review process. Michael is making a valuable contribution to the continued turnaround of Tuffnells, providing relevant and current insight and direction to aid the targeted profit recovery for the business.
An announcement regarding the progress and outcome of the Tuffnells strategic review will be made in due course, with a further update at the Group's Interim Financial Results to be published on 13 May 2020.
Enquiries:
Buchanan (Financial PR)
Richard Oldworth / Jamie Hooper
connect@buchanan.uk.com
www.buchanan.uk.com
About Connect Group
Connect Group PLC is a UK based specialist distributor and a leading provider of distribution solutions in complex and fragmented markets. The Group's networks are focused on serving high drop density early morning deliveries, and the demands of mixed and irregular sized freight.
The Group's core businesses are:
Smiths News is the UK's largest newspaper and magazine wholesaling business with an approximate 55 per cent market share. It distributes newspapers and magazines on behalf of the major national and regional publishers, delivering to approximately 25,500 customers across England and Wales on a daily basis. The speed of turnaround and density of Smiths News' coverage is critical to one of the UK's fastest physical supply chains.
Tuffnells is a leading distributor of mixed and irregular freight, serving small and medium sized enterprises across the UK. Its national network of depots collects and delivers mixed parcel freight consignments, specialising in items of irregular dimension and weight ("IDW"), examples of which include bulky furnishings, building materials and automotive parts. With a mix of local and national clients, Tuffnells offers a range of timed services that are responsive to customer demand.
Person responsible for arranging release of this announcement:
Stuart Marriner, General Counsel & Company Secretary
Connect Group PLC
Rowan House
Cherry Orchard North
Kembrey Park
Swindon
SN2 8UH
email: cosec@connectgroupplc.com
LEI: 2138004O33ONVOOQXB02