TIDMANG
RNS Number : 1997R
Angling Direct PLC
28 February 2023
28 February 2023
Angling Direct plc
("Angling Direct ", the "Company" or the "Group")
Board Succession Plan
Angling Direct plc (AIM: ANG), the leading omni-channel
specialist fishing tackle and equipment retailer, today announces
its Board succession plan that will involve the following
changes:
-- Andy Torrance will step down from his role as Chief Executive
Officer (CEO) and be appointed Non-executive Chairman
-- Steve Crowe, Angling Direct's Chief Financial Officer (CFO),
has been chosen by the Board to replace Andy and will be appointed
CEO
-- Martyn Page, will step down from his role as Non-executive
Chairman and will remain on the Board as a Non-executive
Director
-- The Board has initiated a search for a new CFO using external consultants
The timing of these changes is dependent on the recruitment of
an experienced CFO to work alongside Steve to deliver the Group's
growth strategy, with the earliest potential implementation to
coincide with the Annual General Meeting in June 2023. Andy will
now begin the process of handing over his responsibilities as CEO
to Steve. The Company will release a further announcement upon the
above changes taking effect.
Andy Torrance joined Angling Direct as a Non-executive Director
in 2019 before stepping into the CEO role in February 2020. Andy
successfully navigated the Company through Covid-19 and the various
lockdown and trading restrictions that were imposed, minimised the
impact of an extensive cyber-attack in 2021 while also developing
the Group's growth strategy which included delivering the new
European distribution centre to mitigate Brexit disruption and grow
market share. Andy's new Chair role will ensure that the business
retains his specialist omni-channel retail skills while also
benefitting from the stakeholder relationships he has built across
the customer and supplier base since joining the Group.
Steve Crowe joined the business as CFO in 2020 having held
executive finance roles at Aviva and Validus Ltd. Upon joining the
Company, Steve was instrumental in professionalising the finance
function, improving internal reporting processes and instilling
financial rigour throughout the business. More recently, Steve has
worked closely with Andy to develop the Group's growth strategy
both in the UK and Europe and he is well placed to manage the
ongoing delivery of Angling Direct's strategic objectives.
Andy Torrance, CEO of Angling Direct, commented:
"Angling Direct is a great business with great potential and I
have thoroughly enjoyed my time as CEO. Having navigated a number
of challenges since taking on the role at the outset of the
pandemic in 2020, I feel that now is the right time to hand over
the reins to Steve. Having worked closely with Steve since joining,
I know that his in-depth knowledge of the business, combined with
his financial rigour and passion for angling, will ensure Angling
Direct continues to thrive and I look forward to working with him
and the wider Board in my new Chairman role."
Steve Crowe, CEO designate said:
"I am delighted to take on the role of Chief Executive Officer
of Angling Direct at this exciting time in the Company's journey.
The strategy that Andy and I have put in place is the right one and
having Andy and Martyn remain on the Board will be invaluable as we
execute against our stated objectives."
Martyn Page, Chair of Angling Direct commented:
"I would like to take this opportunity, on behalf of the Board,
to thank Andy for everything that he has done since joining the
Group in 2019. I am pleased that Andy has agreed to replace me as
Chair as retaining his retail experience and counsel will be
invaluable to Steve in his new role and indeed the entire Board.
Having founded Angling Direct nearly 40 years ago, the business is
in great shape with strong financial foundations and I am confident
that Steve is the right person to lead the business through the
next phase of growth. We look forward to further enhancing the
skillset and capabilities of our Board once a new CFO has been
identified."
For further information please contact:
Angling Direct plc via FTI Consulting
Andy Torrance, Chief Executive
Officer
Steven Crowe, Chief Financial Officer
Singer Capital Markets - NOMAD
and Broker +44 (0) 20 7496 3000
Peter Steel (Corporate Finance)
Alex Bond (Corporate Finance)
Tom Salvesen (Corporate Broking)
FTI Consulting - Financial PR +44 (0) 20 3727 1000
Alex Beagley anglingdirect@fticonsulting.com
Sam Macpherson
Alice Newlyn
About Angling Direct
Angling Direct is the leading omni-channel specialist fishing
tackle retailer in the UK. The Company sells fishing tackle
products and related equipment through its network of retail
stores, located strategically throughout the UK as well as through
its leading digital platform ( www.anglingdirect.co.uk .de, .fr,
.nl and .eu) and other third-party websites.
Angling Direct is committed to supporting its active customer
base and widening access to the angling community through its
passionate colleagues, store-based qualified coaches, social media
reach and ADTV YouTube channel. The Company currently sells over
25,000 fishing tackle products, including capital items,
consumables, luggage and clothing. Angling Direct also owns and
sells fishing tackle products under its own brand 'Advanta', which
was formally launched in March 2016.
From 1986 to 2002, the Company's founders acquired interests in
a number of small independent fishing tackle shops in Norfolk and,
in 2002, they acquired a significant premise in Norwich, which was
branded Angling Direct. Since 2002, the Company has continued to
acquire or open new stores, taking the total number up to 46 retail
stores. In 2015, the Company opened a 2,800 sq. metres central
distribution centre in Rackheath, Norfolk, where the Company's head
office is also located. In January 2022 Angling Direct acquired an
additional 3,900 sq. metres distribution centre in Venlo,
Netherlands to service its established, and rapidly growing,
presence in Europe with native language websites set up in key
regions to address demand.
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END
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