REG - Inspecs Group PLC - Appointment of Non-Executive Directors

InspecsAnnouncement

01/12/2022 07:00

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RNS Number : 1762I  Inspecs Group PLC  01 December 2022

1 December 2022

 

Inspecs Group plc

("Inspecs" or "the Group")

 

Appointment of Non-Executive Directors

 

Inspecs Group plc, a designer, manufacturer and distributor of eyewear frames
and prescription lenses to the optical trade, is pleased to announce the
appointment of Shaun Smith and Hugo Adams as Non-Executive Directors with
effect from today, to strengthen the Board and assist in the delivery of the
Group's strategic goals.

 

Shaun has extensive plc experience having previously held CFO roles with
Norcros plc and Aga Rangemaster Group plc. In his role at Aga Rangemaster
Group plc, Shaun helped oversee the transformation of the business into an
international brand-led manufacturer and retail group. Shaun has served as a
Non-Executive Director on public company Boards since 2016 including as Audit
Committee chair. He is currently a Non-Executive Director of Epwin Group plc.
On appointment, Shaun will join the Audit & Risk and Remuneration &
Nomination Committees.

 

Hugo has more than 25 years' experience working for some of the biggest and
best-known, global consumer brands including The Body Shop and running
marketing and international expansion at Dyson.  During nine years at Marks
and Spencer Group PLC he managed businesses across Europe and the Middle East,
as well as being Chief of Staff to the CEO and subsequently Property
Director.  Hugo served on the Executive Board at Superdry Plc, responsible
for marketing and business development and most recently as CEO of Start-Rite
Shoes. Hugo will serve on the Audit & Risk, Remuneration and Nomination
and the newly formed Environmental, Social and Governance committee on
appointment.

 

Richard Peck, who has served on the Board as a Non-Executive Director since
January 2020, today assumes the role of Group CEO. With over 35 years'
experience in the optical industry, Richard brings a wealth of knowledge
having previously been Managing Director of Luxottica Retail Northern Europe
and Managing Director of David Clulow opticians. Richard and Robin Totterman
will work closely together, along with the Board, to develop the Company's
global position as a leading player in eyewear solutions through its
vertically-integrated frame and lens capabilities.

 

Robin Totterman, Inspecs Group plc Founder and Executive Chair, said:

"I am delighted to welcome Shaun and Hugo to the Board of Inspecs. Shaun has
extensive PLC experience having held a variety of finance roles in
international manufacturing and retail groups, whilst Hugo brings significant
experience in the retail sector and a proven track record of delivering growth
for purpose-led consumer brands.

 

"Today's appointments come at an important time for the Group as Richard
simultaneously steps into the role of Group CEO, and I assume the role of
Executive Chair. The Board is delighted that Richard has become CEO with his
extensive business development skills gained at Luxottica and is confident he
is the right person to lead Inspecs through the next stage of its growth."

 

For further information please contact:

 Inspecs Group plc                         via FTI Consulting

 Robin Totterman, Executive Chair          Tel: +44 (0) 20 3727 1000

 Richard Peck, CEO

 Chris Kay, CFO

 Peel Hunt (Nominated Adviser and Broker)  Tel: +44 (0) 20 7418 8900

 Adrian Trimmings

 Andrew Clark

 Lalit Bose

 FTI Consulting (Financial PR)             Tel: +44 (0) 20 3727 1000

 Alex Beagley

 Harriet Jackson

 Alice Newlyn

 

The following information regarding Shaun Michael Thomas Smith (aged 61) is
disclosed under Schedule 2(g) of the AIM Rules for Companies:

 

 Current Directorships  Directorships held in past 5 years

 Epwin Group PLC        Air Partner Limited
 00495630 Limited       Christa (271) Pty Limited
                        Croydex Group Limited
                        Croydex Limited
                        Hatherdown (1991) Limited
                        Lincolnshire Properties (Norfolk Street) Limited
                        Merlyn Industries U.K. Limited
                        Norcros (SA) Pty Limited
                        Norcros Developments Limited
                        Norcros Estates Limited
                        Norcros Group (Holdings) Limited
                        Norcros Group (Trustee) Limited
                        Norcros Industry (International) Limited
                        Norcros PLC
                        Queensgate Limited
                        RAP Plumbing Supplies (Pty) Limited
                        Standard Engineering Plastics Limited
                        Tile Africa Windhoek Property (Pty) Limited

 

 

There are no other matters which are required to be announced under Schedule
2(g) of the AIM Rules for Companies.

 

The following information regarding Hugo James Adams (aged 49) is disclosed
under Schedule 2(g) of the AIM Rules for Companies:

 

 Current Directorships          Directorships held in past 5 years

 Shades Of Blue Consulting Ltd  Chester Business Park Management Company Limited
                                Cut4cloth Ltd
                                James Southall & Company Limited
                                Recoleta Bidco Limited
                                Recoleta Topco Limited
                                Start-Rite Retail Limited
                                Start-Rite Shoes Limited
                                Tots Bots Limited

 

Hugo Adams owns 16,500 ordinary shares of 1 pence each in the Group. There are
no other matters which are required to be announced under Schedule 2(g) of the
AIM Rules for Companies.

 

Following the appointment of the Non-Executive Directors, the members of the
Committees will be as follows:

 

Audit and Risk Committee:

Chris Hancock (Chair)

Shaun Smith

Hugo Adams

 

Remuneration and Nominations Committee:

Chris Hancock (Chair)

Shaun Smith

Hugo Adams

 

Environmental, Social and Governance Committee:

Angela Farrugia (Chair)

Chris Hancock

Hugo Adams

 

About Inspecs Group plc

INSPECS is a Bath-based designer, manufacturer and distributor of eyewear
frames and optically advanced spectacle lenses. The Group produces a broad
range of frames and lenses, covering optical, sunglasses and safety, which are
either "Branded" (either under licence or under the Group's own proprietary
brands), or "OEM" (including private label on behalf of retail customers as
well as unbranded).

INSPECS aims to be the leader in eyewear solutions through its
vertically-integrated business model and has adopted a three-pillar growth
strategy to achieve this: (i) continue to grow organically; (ii) undertake
further acquisitions (and drive value through leveraging the Group's internal
capabilities); and (iii) extend the Group's manufacturing capacity.

The Group has completed several significant acquisitions since its IPO in
February 2020. In December 2020, INSPECS acquired Eschenbach, a leading global
eyewear supplier, headquartered in Nuremberg, Germany, which includes the
American company Tura. This followed the acquisition of lens maker Norville in
July 2020, whereby INSPECS combined two British heritage brands, Savile Row
frame maker, and Norville lens maker, further enhancing its
vertically-integrated business model. In December 2021 the Group acquired Ego
Eyewear, a design and licensing company which uses third party eyewear
manufacturers to produce premium fashion brands, and BoDe, a distributor of
optical frames and sunglasses principally to the German and neighbouring
markets.

INSPECS customers include global optical and non-optical retailers, global
distributors and independent opticians, with its distribution network covering
over 80 countries and reaching approximately 75,000 points of sale.

INSPECS has operations across the globe: with offices and subsidiaries in the
UK, Germany, Portugal, Scandinavia, the US and China (including Hong Kong,
Macau and Shenzhen), and manufacturing facilities in Vietnam, China, the UK
and Italy. With the acquisition of Eschenbach, the Group's international reach
further extends across Europe and the American markets.

More information is available at: https://inspecs.com

 

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