SPEEDY HIRE PLC

Board/Management Information • Dec 10, 2015

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RNS Number : 5648I

Speedy Hire PLC

10 December 2015

Speedy Hire Plc

("Speedy" or "the Group")

Re: Directorate

Speedy is pleased to announce that Bob Contreras, Chief Executive of Northgate plc, the leading light commercial vehicle hire business in both the UK and Spain, has agreed to join the Board as a non-executive Director with effect from 23 December 2015.  He has also been appointed Chairman of the Audit Committee and will join the Nomination and Remuneration Committees.

Mr Contreras, joined Northgate, a FTSE-250 company, as Finance Director in June 2008 and was appointed Chief Executive in June 2010 since when he has overseen a successful restructuring and turnaround of the business.

Prior to his appointment at Northgate, Mr Contreras was Managing Director of the Surgical Division of Mölnlycke Health Care Group, a world-leading manufacturer of products and services for the professional healthcare sector.  He was also previously Chief Executive and Finance Director of private equity backed Damovo Group S.A., and Group Finance Director of Azlan Group plc.

Jan Åstrand, Chairman, commented:

"We are delighted that Bob, with his extensive asset rental and sector background, is joining the Board.

We have previously stated that Speedy remains a fundamentally good business which, in a more lean, efficient and customer-focussed form, has the potential to once again deliver sustainable profitable growth. 

Bob will bring hugely relevant and valuable experience to the business at a critical stage in its turnaround programme and we welcome him to Speedy." 

Enquiries:

Speedy Hire Plc                                                                          Tel: 01942 720000

Jan Åstrand, Chairman

Russell Down, Chief Executive

Instinctif Partners                                                                        Tel: 020 7457 2020

Mark Garraway

Helen Tarbet

James Gray

The following disclosure is made pursuant to paragraph 9.6.13 of the Listing Rules:

Mr Contreras was a Director of Damovo Group S.A. ('DG'), and its subsidiary, Damovo III S.A. ('DIII'), both registered in Luxembourg, from 22 February 2005 to12 March 2008. In October 2006, DIII was unable to pay interest due on a series of notes, secured inter alia by a guarantee by DG, issued in 2005 as part of a restructuring of the Damovo Group's funding arrangements. On 25 April 2007, following registration at Companies House as foreign companies, and on the application of the Directors, Administration Orders under the Insolvency Act 1986 were granted for both companies. The Directors' Statement of Affairs showed total indebtedness of £566m, of which £304m of secured creditors was satisfied by the sale of assets. There were no other preferential or external creditors, all the remaining indebtedness being intra-group.

Mr Contreras was also a Director of Enterprise Digital Architects SpA, a company registered in Italy, from 16 January 2006 to 9 May 2007 which was declared bankrupt on 22 November 2007.

There are no other matters which require to be disclosed pursuant to Listing Rule 9.6.13.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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