1 Feb 2016 07:00
Date: | 01 February 2016 |
On behalf of: | Finsbury Food Group Plc ('Finsbury', 'the Company' or 'the Group') |
Embargoed until: | 0700hrs |
Finsbury Food Group Plc
Board Changes
Finsbury Food Group plc (AIM: FIF), a leading UK manufacturer of cake, bread and morning goods for both the retail and foodservice channels, is pleased to announce the appointment of Marnie Millard as Non-Executive Director with immediate effect.
Marnie, aged 51, is currently Group Chief Executive of Nichols PLC, an AIM listed branded soft drinks group, serving both the UK retail and out of home channels, as well as achieving international sales across 70 countries. Marnie joined the Nichols group in October 2012 as MD of Vimto Soft Drinks. She has worked in the soft drinks industry for the last 20 years in a number of senior roles with Macaw Soft Drinks, Refresco Gerber Ltd. She was appointed Nichols PLC Group Chief Executive in May 2013.
Following over 13 years of tenure, Paul Monk, Non-Executive Deputy Chairman has announced his intention to step down from the Board after the November 2016 AGM.
Paul has been on the Finsbury Board since December 2002 and he has been Deputy Chairman since February 2007. Paul will remain as a consultant to the Group.
Peter Baker, Non-Executive Chairman of Finsbury Food Group plc, commented;
"I am very pleased to welcome Marnie to the Group as Non-Executive Director. Finsbury Food has a strong position within the market and we continue to shape the expertise and capabilities of the Board accordingly as we grow and diversify. The Board and wider business will benefit from Marnie's extensive commercial and marketing experience in the fast moving consumer goods sector.
I would also like to take the opportunity to thank Paul for his support and dedication to the Group throughout the years. He has been pivotal in Finsbury's development, helping to reach its current position in the market. The Board is delighted that Paul's contribution to the Group will not be lost and we look forward to continuing to benefit from his skills and experience going forward."
Other than that set out below, there are no other matters that are required to be disclosed under Schedule 2 paragraph (g) of the AIM Rules in relation to the appointment of Marnie Millard.
Current and previous directorships
Current directorships | Directorships within the last five years |
Nichols PLC | N/A |
British Soft Drinks Association | |
For further information:
Finsbury Food Group Plc | www.finsburyfoods.co.uk |
John Duffy (Chief Executive) | 029 20 357 500 |
Stephen Boyd (Finance Director) | |
Cenkos Securities plc | |
Bobbie Hilliam (Corporate Finance) | |
Oliver Baxendale (Sales) | |
Redleaf Communications | finsbury@redleafpr.com |
Rebecca Sanders-Hewett Sarah Fabietti | 020 7382 4730 |
Harriet Lynch |
Publication quality photographs are available via Redleaf Communications on the numbers shown above
Notes to Editors:
· Finsbury Food Group Plc (AIM: FIF) is a leading UK manufacturer of cake and bread bakery goods, supplying a broad range of blue chip customers within both the grocery retail and 'out of home eating' foodservice sectors including major multiples and leading foodservice providers.
· Following the acquisition of the Fletchers Group of bakeries, the Company is one of the largest speciality bakery groups in the UK with annualised sales in 2015 approaching £300 million.
· The Company's bakery product range is comprehensive and includes:
- Large premium and celebration cakes.
- Small snacking cake formats such as cake slices and bites.
- Artisan, healthy lifestyle and organic breads through to rolls, muffins (sweet and savoury) and morning pastries, all of which are available both fresh and frozen dependent on customer channel requirements.
· The Company is a leading manufacturer and supplier of ambient packaged cake (excluding In Store Bakery) and bread and morning goods in the UK within the grocery retail and the UK foodservice bakery sectors. The ambient cake market (excluding In Store Bakery) is valued at £948 million (Source Symphony IRI 52 w/e 5 December 2015). The annual bread and morning goods market has a value in excess of £4.1 billion (source Kantar Worldpanel). The UK foodservice bakery sector is worth approximately £800 million per annum and the UK foodservice cake and sweet treats market is worth approximately £500 million per annum.
· The Company comprises a UK Bakery division and an Overseas division:
- UK Bakery has manufacturing sites in Cardiff, Hamilton, East Kilbride, Salisbury, Sheffield, London and Manchester.
- Overseas division comprises the Company's 50% owned subsidiary, Lightbody Stretz Ltd, which supplies and distributes the Group's UK manufactured products and third party products, primarily to Europe.