Richoux Group Regulatory News (RIC)

13 Aug 2007 07:01

Gourmet Holdings PLC13 August 2007 Gourmet Holdings plc ("Gourmet" or "the Company") Board Changes The sale of the Bell and Dragon pub/restaurants in June 2007, and the successfulrestructuring of the Company has enabled the Company to be turned around, madeprofitable and cash generative and to be totally focussed on operating itssuccessful Richoux cafe concept. Consequently, the Board has been considering its strategic options by which tomaximise value for shareholders and it has concluded that the best way torealise value for shareholders is to appoint a new management team that willgrow and develop the Richoux brand and develop alternative cafe / patisserieconcepts. As a result Neil Blows has been appointed as Chairman, SalvatoreDiliberto as Chief Executive and James Rhodes as Non Executive Director. Thecurrent directors Richard Scott, Chairman, Andrew Guy, Managing Director andNigel Whitaker, Non Executive Director have stepped down from the Board withimmediate effect. Richard Scott will remain as a consultant to the Company until31 December 2007. New Board Details Neil Martin Blows (45), Chairman, was a director of ASk Restaurants Limited ("ASK") until March of this year. He was formerly a non-executive director ofand joined the Board of ASK in an executive capacity in 2003 as Chief OperatingOfficer. Prior to this Neil was a partner at West End solicitors Glovers. He nowworks as a consultant for leisure specialist solicitors Davenport Lyons. Salvatore Diliberto (67), Chief Executive, has a lifetime of experience in thecatering industry. He was operations manager for City Hotels from 1972 to 1984with responsibility for thirty restaurants. Salvatore joined City CentreRestaurants in 1984 as a director of The Black Angus Steak Houses Limited. Heran an independent restaurant from 1988 to 1993 as well as various franchisesfor the City Centre group. He was managing director of ASK Restaurants Limitedfrom 1994 to 2004. James Rhodes (38), Non Executive Director, has worked at LMS Capital plc, theAIM listed independent investment company, since 2004, and is involved in the UKdirect investment portfolio. He is also responsible for UK fund investments andquoted stocks. He is a member of the boards of PrimeStar Restaurant Group andEmerging Markets Advisory Corporation Limited. Jamie has extensive operationaland entrepreneurial experience, having seed funded, run and sold threesuccessive consumer retail ventures. The intention of the new Board is to combine the historic success of the Richouxbrand, concentrating on the execution of its core business, with the developmentof one or more complementary concepts. Richard Scott, Chairman of Gourmet said: "The Board has deliberated fully on the best way to maximise value forshareholders and concluded that the appointment of a management team to expandand develop the Richoux brand and develop alternative concepts to exploit thecafe / patisserie market is the best way forward. The restructuring that hastaken place has resulted in a focused and well run business that now requires adifferent skillset on the Board to take it forward. The new management team thathave been chosen have that experience to develop and expand the brand andCompany." Neil Blows, New Chairman of Gourmet said: "Richoux is an inherently strong brand with a century of history behind it.Thanks to the efforts of the outgoing Board, we are confident of building onthis success. The new Board brings with it a team with significant operationalexperience. We all firmly believe that exemplary standards of food and serviceare the cornerstone for any restaurant business. We will focus rigorously onthe delivery of those standards at Richoux. In addition to the existingbusiness, we see the opportunity to develop one or more related concepts todrive the business forward." The following disclosures are being made as required under Schedule 2(g) of theAIM Rules: Neil Blows Previous directorships within the past 5 years: ASK Central Limited ASK Restaurants Limited Grandsail Limited Salvatore Diliberto: Current directorships: Chenstone Limited Previous directorships within the past 5 years: ASK Central Limited ASK 25 Limited ASK Restaurants Limited IT'S Restaurants Limited Other Iceplan Limited. Salvatore was a director of the company when it was used toacquire an ASK Restaurants Limited restaurant in Ealing. The unit was thenacquired by ASK Restaurants Limited and the company was placed into voluntaryliquidation. James Rhodes Current directorships: Emerging Markets Advisory Corporation Limited Fast Food Industries Limited PrimeStar Restaurant Group Previous directorships within the past 5 years: Optio Health Products Limited Other: Curzonia Limited. James was a director of the company when a dispute with acompetitor over a brand name resulted in the company being put into voluntaryliquidation in May 2001 and dissolved in March 2002. Monday, 13 August 2007 Enquires: Gourmet Holdings Neil Blows 0208 394 5555 Arbuthnot SecuritiesNick Marsh 020 7012 2000Paul Vanstone College HillJustine Warren 020 7457 2020 This information is provided by RNS The company news service from the London Stock Exchange