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RNS Number : 8906V Flowtech Fluidpower PLC 12 April 2023
NEWS RELEASE
Issued on behalf of Flowtech Fluidpower plc.
Wednesday, 12 April 2023
Immediate Release
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit)
Regulations 2019. Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to be in the
public domain.
FLOWTECH FLUIDPOWER PLC
("Flowtech", the "Group" or "the Company")
Specialist full-service supplier of technical fluid power products and
services
Directorate Change
Flowtech announces that Bryce Brooks has, after 13 years with the business,
taken the decision to step down as Chief Executive Officer and leave the
Company.
The Board announces that with immediate effect Mike England has been appointed
the Group CEO and joins the PLC Board. He has worked within the FTSE100 and
FTSE250 environment, most recently as Group COO of RS Group plc. We believe
that this, coupled with Mike's broad commercial experience, scale and
knowledge will provide the next phase of leadership and expertise for Flowtech
to realise the Group's ambitious plans over the coming years.
During April 2023 there will be a managed handover of Executive duties to
Mike, with Bryce, thereafter, remaining available to the Group in an advisory
capacity.
Commenting on the Directorate changes, Roger McDowell, Non-Executive Chair of
Flowtech, said:
"On behalf of all his colleagues the Board would like to acknowledge and thank
Bryce for his significant commitment, skill and dedication to the business
during his tenure with the Group. Over this time, operating always with the
highest integrity, Bryce has successfully guided the Group through both
exciting, and over the past years challenging market conditions, to a point
where the potential for growth has been enhanced.
"I am also delighted to welcome Mike to the team as CEO; his knowledge and
skills will add to the breadth and depth of knowledge across the business and
the Board. We all look forward to working with him as he leads Flowtech
through its next stage of progress and the many opportunities that lie ahead."
Commenting on his decision and the change, Bryce Brooks said:
"I am very proud to have led a team that has helped make the Group the success
it is today which has set the business up to take advantage of the many future
prospects that are ahead. I have enjoyed the last 13 years immensely. I
thank all my colleagues around the Group for their support and friendship over
the years. It is the right time for me to hand over the mantle so I welcome
Mike to Flowtech; I am encouraged that we have been able to attract someone of
his calibre and experience as it will bring the commercial energy that the
business now requires to exploit the platform we have established, harness the
potential of the strong and experienced senior management team, and deliver
future value creation."
Commenting on his appointment, Mike England added:
"I am delighted to have been given the opportunity to accept a CEO role and at
this great Company which has a strong 40-year history. I look forward to
building on the success that Bryce and the wider team have also already
achieved. Flowtech provides a robust product and services platform to deliver
exciting market share growth and further consolidation in what remains a
highly fragmented European industrial distribution and services market. I am
looking forward to the challenge of leading the next stage of the Group's
development as we look to focus on further enhancing the customer experience,
product offering and service proposition so we can better serve the needs of
customers, channel partners and suppliers helping Industry to sustainably
thrive."
Additional information regarding Mike England, pursuant to paragraph (g) of
Schedule Two of the AIM Rules for Companies, is set out below.
MICHAEL JOHN ENGLAND (AGED 49)
Current directorships/partnerships: Previous directorships/partnerships (last five years):
None Radionics Limited
RS Components Limited
RS Components A/S (Denmark)
RS Components A/S (Norway)
RS Components AB
RS Components Limited (South Africa)
Children with Cancer UK
As part of Mike England's incentivisation package, the Remuneration Committee
has resolved to make awards to him under a new long-term incentive plan and a
further announcement will be made in due course.
Mike holds no ordinary shares in the Company. 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
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)
Background editorial notes:
Bryce Brooks
Bryce joined the Group as CFO in 2010 and became CEO in 2018 during which
time, he has led the organic and acquisitive growth strategy establishing a
leading position within the UK and Irish markets and extending operations into
Europe. Over the last three years he has led and implemented the restructuring
programme, simplifying the business and bolstering digital capabilities to set
the business up for longer term growth.
Mike England
Mike brings over 25 years of industry experience to the business; between
2015-2022 he has worked in senior roles for RS Group plc and, as part of the
senior management team focused on firstly transforming RS Group's UK and
Ireland region, before then leading the strategy and growth of the EMEA region
all of which resulted in delivering excellent P&L growth for the business.
In 2020 he took up the role of Group Chief Operating Officer managing the
Group's P&L across the Americas, EMEA and APAC as well as global functions
including Marketing, Digital, Product, Private Label, and Innovation. Prior to
RS Group he held a number of commercial and operational roles within the UK
and Europe including with Hagemeyer NV (trading now as Rexel) (1997-2005) and
Brammer (2005-2015) (trading now as Rubix).
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 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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