REG - Cake Box Holdings - Management Changes and Trading Update

Cake Box HoldingsAnnouncement

14/03/2022 07:00

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RNS Number : 5678E  Cake Box Holdings PLC  14 March 2022

14 March 2022

Cake Box Holdings plc

("Cake Box" or the "Company" or the "Group")

Board and Executive Management Changes and Trading Update

Cake Box, the specialist retailer of fresh cream cakes, today announces
various Board and executive management changes, alongside a short trading
update ahead of the end of its financial year to 31 March 2022.

Board changes

After more than ten years at Cake Box, Pardip Dass, co-founder and CFO, will
be stepping down from his role in order to pursue other interests. The Board
has appointed David Forth as Interim Chief Financial Officer, with effect from
14 March 2022. Pardip will work alongside David to ensure an orderly handover
before stepping down from the Board on 31 March 2022.

David brings over twenty years' experience in senior finance roles across the
consumer, retail and logistics industries, including most recently as Interim
Finance Director at AB Sugar (2020), Deputy CFO of Eddie Stobart Logistics
(2018-2020), Interim Transformation Finance Director at Wincanton plc
(2017-2018) and Interim CFO at Airwair Dr Martens (2015-2016).  He qualified
as a Chartered Accountant in 1981 with KPMG Peat Marwick.

Appointment of Chief Operating Officer

In November 2021, Cake Box announced that the Board was seeking to further
bolster its Executive team. Following an extensive search process, the Board
has appointed Richard Zivkovic as Chief Operating Officer. Richard will be
joining Cake Box on 13 June 2022.

Richard joins Cake Box from Island Poke, the 'grab and go' franchised food
retailer, where he is Chief Operating Officer. Prior to joining Island Poke in
2019, Richard was Chief Operations Officer at Abokado (2015-2018) and Regional
Operations Director - London at Costa Coffee (2014-2015).

Following Richard's appointment, Dr Jaswir Singh will move into the role of
Commercial Director. Dr Singh will remain on the Board in his new role.

Appointment of Marketing Director

The Group has also recruited Chay Watkins to the role of Marketing Director.
Chay joins Cake Box from a brand strategy consultancy, where he developed
brand and category strategies for large FMCG brands and multiple retailers. He
has previously worked for a number of national consumer food, beverage and
nutrition brands, including Dairy Crest and Samworth Brothers.

Trading and business update

Trading has continued strongly throughout the second half of the financial
year to date, and the Board expects performance for the full year to be in
line with expectations.

As previously announced, the Board appointed BDO as internal auditor in August
2021 to assist in strengthening Cake Box's Internal Control framework. We
continue to work through a plan of improvements based on the areas identified
by the external auditors, the initial focus being on Inventory Management,
with some changes already being progressed.

Neil Sachdev, Non-Executive Chairman of Cake Box, commented:

"I would like to personally thank Pardip for his immense contribution over the
last decade and the significant role he has played in the Cake Box growth
story, including the Group's IPO on AIM in 2018.

"We are delighted to welcome David, Richard and Chay to the Cake Box Family,
and look forward to working with them as we continue to evolve, improve and
further professionalise the business, bringing in the experience and
capabilities to fulfil our growth ambitions and build on the strong trading in
the second half to date."

Pardip Dass, commented:

"I am extremely proud of what we have achieved at Cake Box, from first
beginning to franchise the business model, to listing the business on AIM.
After a decade with the business, now is the right time to move on following
an orderly handover to David. I remain passionate about Cake Box and a
supportive shareholder, and wish my dedicated colleagues all the very best for
the future."

 

 For further information, please contact:

 Cake Box Holdings plc                  Enquiries via MHP Communications

 Neil Sachdev, Non-Executive Chairman

 Sukh Chamdal, CEO

 Shore Capital                          +44 (0) 207 408 4090

 Stephane Auton

 Patrick Castle

 MHP Communications                     +44 (0) 771 003 2657

 Simon Hockridge                        Cakebox@mhpc.com

 Pete Lambie

 

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