REG - Coral Products PLC - Directorate Change

Coral ProductsAnnouncement

25/10/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241025:nRSY5628Ja&default-theme=true

RNS Number : 5628J  Coral Products PLC  25 October 2024

25 October 2024

Coral Products Plc

("CRU" or the "Company")

Directorate Change

Coral Products plc, a group of specialist businesses in the design, UK
manufacture and omni-channel supply of a wide range of bespoke plastic
products based in Wythenshawe, Manchester, announces that in the light of the
continued challenging trading environment, Coral has entered into a cost
rationalization exercise and reflecting this, by mutual agreement, Lance Burn,
Group CEO, has resigned and will leave the Group on 31st October 2024. Ian
Hillman, currently Division MD - Flexibles, will now take the position of
Group COO responsible for the day-to-day oversight and direction of all
businesses within both Divisions.

Lance has positively reengineered the Group, providing clear strategic
direction and defined process improvement so helping create a more transparent
and performance-led organisation. The market corrections reported at the start
of the calendar year and the unexpected and continuing headwinds announced in
our recent trading update demanded the "right-sizing" of the Group to maintain
its financial resilience. As a part of this, Lance felt that he can no longer
contribute to our M&A plans as originally envisaged and accordingly, the
costs associated with his involvement would be better removed from the
business.

Further operational changes have been implemented today to reset the cost base
of the Group in order that it is better positioned to operate in the current
economic conditions.

Joe Grimmond, Chairman commented, "I fully respect Lance's decision to leave
particularly for the manner in which he has placed the Groups' interests first
and foremost in his decision. Lance has brought energy, focus and
determination to resolve key challenges facing our Company. I wish Lance all
my very best in whatever he chooses to do next.

Ian is a proven operator and current executive Board member who has been
working closely with Lance and I am therefore confident this will be a smooth
transition and that Ian will continue to consolidate the many positive changes
begun under Lance's tenure."

 

 For further information, please contact:

Coral Products plc

 Lance Burn, CEO                     Tel: 0161 946 9476

 Nominated Adviser & Broker

 Cavendish Capital Markets Limited   Tel: 020 7397 1966

 Adrian Hadden (Corporate Finance)

 Charlie Combe (ECM)

 Financial PR                        Tel: 020 3151 7008

 Novella

 Tim Robertson/Safia Colebrook

 

 

 

This announcement has been posted to: https://coralproducts.com/
(https://coralproducts.com/)

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as amended by regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310. Upon the publication of this announcement via
Regulatory Information Service, this inside information is now considered to
be in the public domain.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOABCBDGGBDDGSS