22 Jul 2013 07:00
Date: | 22 July 2013 |
On behalf of: | Finsbury Food Group plc ('Finsbury', 'the Company' or 'the Group') |
Embargoed until: 0700hrs | |
Finsbury Food Group plc
Directorate Changes
Finsbury Food Group plc (AIM: FIF), a leading manufacturer of cake, bread and bakery goods, is pleased to announce the appointment of Raymond Duignan as a Non-Executive Director with effect from 15 July 2013.
Raymond, 50, has extensive industry experience having set up a specialist investment bank, Stamford Partners, in the mid-1990s advising the European food and drink industries. The firm became a market leader in food and drink transactions in Europe offering financial and corporate advisory services as well as strategy consulting. Clients of the firm included Unilever, Nestle, Mars, Pepsico, Sara Lee, Best Foods, United Biscuits and Pernod Ricard as well as a range of smaller businesses such as Green and Black's, Jordans, Innocent and Ella's Kitchen and leading private equity firms. Raymond retired from Stamford Partners in 2012.
Raymond is currently a member of the Advisory Boards of Tate & Lyle Ventures, the venture arm of the FTSE100 group, which invests globally in the food ingredient and food technology sectors, and also Active Private Equity which invests in the European consumer sector.
Raymond will be assuming the position and duties of Ian Farnsworth, who retires after over 15 years service as a Group Non-Executive director.
There are no other matters to be announced as required under paragraph (g) of Schedule 2 of the AIM Rules.
John Duffy, Chief Executive of Finsbury Food Group plc, commented;
"The significant track record that Raymond has in not only the consumer and food industries, but also the banking sector will be a significant asset at this point in Finsbury's development. Further to the work that the Board has done to provide the Group a solid platform to grow upon, this appointment firmly puts acquisitive growth back on the agenda for Finsbury.
"I would also like to take this opportunity to thank Ian for his extensive service, advice and commitment through both the good, and the more difficult times that the Group has endured. His work, particularly on the audit committee, has ensured that the seven acquisitions that the Group has completed since listing were integrated seamlessly. We wish him all the best in his retirement."
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) | |
Alex Aylen (Sales) | |
Redleaf Polhill | finsbury@redleafpr.com |
Rebecca Sanders-Hewett | 020 382 4730 |
Jenny Bahr Rachael Brown |
Notes to Editors:
§ Finsbury Food Group plc (AIM: FIF), is a leading manufacturer of cake, bread and bakery goods. Within its Cake business, the Group's focus is premium and celebration cakes plus low fat cake slices. Its Bread business manufactures artisan and organic bread and also morning goods.
§ Finsbury Food Group is the second largest manufacturer of Ambient Packaged Cake (excluding In Store Bakery) in the UK, a market valued at £901m (Source: Kantar Worldpanel Total UK Coverage, June 2013).
§ The Group's strategy is to generate returns for shareholders by building a crafted bakery group focused on premium, celebration and well being that delivers for customers and consumers. Finsbury continues to develop its licensed brand portfolio to complement its core retailer brand relationships and improve its understanding of and response to changing consumer needs.
§ Whilst the Company sees exciting organic growth opportunities in all its businesses and its short-term focus is on integrating and growing its existing businesses, the aim is to take advantage of the appropriate bolt on acquisitions to drive longer term value as opportunities and circumstance allow.