REG - Flowtech Fluidpower - Board changes: NED Appointment & NED Retirement

Flowtech FluidpowerAnnouncement

11/01/2023 07:00

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RNS Number : 3129M  Flowtech Fluidpower PLC  11 January 2023

 NEWS RELEASE

 Issued on behalf of Flowtech Fluidpower plc

 Immediate Release

 Wednesday, 11 January 2023

 

 

FLOWTECH FLUIDPOWER PLC

("Flowtech" or the "Company")

Specialist full-service supplier of technical fluid power products and
services

 

BOARD CHANGES

FLOWTECH APPOINTS NON-EXECUTIVE DIRECTOR TO THE BOARD

 

 

Flowtech Fluidpower is pleased to announce the appointment of Stuart Watson as
Non-Executive Director of the Company with immediate effect.

Stuart is a Chartered Accountant and was an audit partner and managing partner
for Yorkshire and the North-East at Ernst & Young prior to his retirement
in 2017.  Most recently he was non-executive director at Clipper Logistics
plc until its acquisition and is currently a non-executive director at the
Humber & North Yorkshire Integrated Care Board and Vp plc.

 

Flowtech also announces that Nigel Richens intends to retire as Non-Executive
Director of the Company having served on the Board since May 2014.  It is
expected that Nigel will leave the Board following the release of the 2022
Annual Report & Accounts.  On Nigel's retirement, Stuart Watson will
become chair of the Audit Committee.

 

Roger McDowell, Chair at Flowtech commented:

"I would like to thank Nigel for his sterling service coupled with excellent
advice and, on behalf of the Board, wish him a long and happy retirement. I am
delighted we have been able to attract a candidate of Stuart's calibre; we all
look forward to working together over the coming years."

 

Additional information regarding Stuart Watson, pursuant to paragraph (g) of
Schedule Two of the AIM Rules for Companies, is set out below.

 

 STUART WILLIAM WATSON (AGED 61)
 Current directorships/partnerships:                  Previous directorships/partnerships (last five years):
 Vp plc                                               Clipper Logistics plc

 Humber & North Yorkshire Integrated Care Board

 Gateways Educational Trust Ltd

 Strategy Unlocked

 

Except as disclosed in this announcement, no other disclosures are required
under paragraph (g) of Schedule Two of the AIM Rules for Companies.

 

 

 ENQUIRIES:
 Flowtech Fluidpower plc

 Roger McDowell, Chair

 Bryce Brooks, Chief Executive

 Russell Cash, Chief Financial Officer

 Tel: +44 (0) 1695 52759

 Email: info@flowtechfluidpower.com (mailto:info@flowtechfluidpower.com)

 Liberum (Nominated adviser and Sole Broker)

 Richard Lindley / Ben Cryer / Will King

 Tel: +44 (0) 20 3100 2000

 TooleyStreet Communications (IR and media relations)

 Fiona Tooley

 Tel: +44 (0) 7785 703523

 or email: fiona@tooleystreet.com (mailto:fiona@tooleystreet.com)

 

 ABOUT FLOWTECH FLUIDPOWER PLC

 Founded as Flowtech in 1983, the Flowtech Fluidpower Group is a group of
 specialist fluid power businesses.  Working in partnership with customers and
 suppliers, we deliver essential components, customer solutions and
 high-quality servicing support to keep global industry moving.  The business
 joined the AIM market in 2014.

 To read more about the Group please visit www.flowtechfluidpower.com
 (http://www.flowtechfluidpower.com) .
 Segment:          What we do:                                                                      Locations:
 Flowtech

                   Our focus

                   Supply of both hydraulic and pneumatic consumables, predominantly through        Flowtech
                   distribution for maintenance and repair operations across all industry markets

                   but supported by supply agreements direct to a broad range of original           (Skelmersdale, Leicester, Birmingham)
                   equipment manufacturers (OEMs)

                                                                                Flowtechnology Benelux

                                                                                (Deventer)
                   Channels to market:

                   E-commerce websites, customer white label e-commerce websites,
                   70,000+catalogues, own and customer trade counters

 Fluidpower

 Group Solutions   Our focus                                                                        Primary Fluid Power Components (Skelmersdale)

                   Supply specialist technical hydraulic components & systems, predominantly        Nelson Hi-Power
                   into OEMs and end-user channels to all industry markets, supported by supply

                   agreements with a broad range of manufacturer brands                             (Dublin, Cork, Dungannon)

                                                                                                    HTL

                   Channels to market:                                                              (Ludlow)

                   Engineering collaboration through sales offices providing national and local     Hydroflex
                   coverage. In 2022 enhanced by new e-commerce capabilities

                                                                                (Brussels, Rotterdam and OudBeijerland)

                                                                                                    Derek Lane & Co

                                                                                                    (Newton Abbot)

                                                                                                    HES Tractec

                                                                                                    (Gloucester)

 Fluidpower

 Group Services    Our focus

                   Bespoke design, manufacturing, commissioning, installation, and servicing of     Primary Fluid Power Systems
                   systems to manufacturers of specialised industrial and mobile hydraulic OEMs,

                   and additionally a wide range of industrial end users.  Capital project-based    (Knowsley)
                   revenue.

                                                                                Branch Hydraulic Systems

                                                                                (Gloucester)
                   Channels to market:

                                                                                HES Onsite
                   In-house design and build, combined with on-site installation, servicing and

                   support                                                                          (Leeds, Gloucester)

                                                                                                    Orange County

                                                                                                    (Spennymoor)

                                                                                                    Hi Power Transport

                                                                                                    (Dublin, Cork, Belfast)

 All the Group's divisions have overlapping product sets, allowing procurement
 synergies to be maximised.  The above segments are supported by a centralised
 back-office teams based at Skelmersdale and Wilmslow sites in the UK. In
 total, the business employs 572 people.

 For more information please visit,  Our business | Flowtech Fluidpower plc
 (https://www.flowtechfluidpower.com/our-business/)

 

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