REG - Michelmersh Brick - Directorate Change

Michelmersh Brick HoldingsAnnouncement

26/05/2023 07:00

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RNS Number : 7372A  Michelmersh Brick Holdings PLC  26 May 2023

26 May 2023

Michelmersh Brick Holdings Plc

("MBH", the "Company" or the "Group")

Directorate Change

Michelmersh Brick Holdings PLC (AIM: MBH), the specialist brick manufacturer,
announces that Frank Hanna, Joint Chief Executive Officer ("JCEO"), has
informed the Board of his decision to leave the Company in May 2024 to take up
the role of Chief Executive Officer ("CEO") of Brickability Group plc.

Since joining the Board as JCEO, alongside Peter Sharp in January 2016, the
Group has experienced a significant period of success through both organic
growth and value enhancing acquisitions. This has expanded the Group's annual
brick output from 70 million to over 122 million alongside broadening the
portfolio to include brick fabricated products and entering the European
market with Floren. Frank joined Freshfield Lane Brickworks in 1991 where he
was a shareholder and director before it was acquired by MBH in 2010. Since
their appointments as JCEO, Peter and Frank have built a strong leadership
team through the Associate Directors sub-board, which manages the Group's
commercial and production operations nationally and has underpinned a strong
financial performance over the last eight years.

Frank will work his twelve months' contractual notice and leave the Group in
May 2024. Following Frank's departure, Peter will become the sole CEO of the
Group. In partnership with Frank, Peter has been integral to the success of
the Group and this continuity of leadership leaves the Company well placed to
continue delivering on its strategic priorities.

 

The Company has made a robust start to 2023, and combined with a balanced
forward order book, remains on track to meet the full-year expectations for
FY23.

 

MBH will report its interim results on 6 September 2023.

 

Peter Sharp, JCEO, commented:

 

"Frank has been an excellent JCEO of Michelmersh and a highly valued colleague
and member of the Board. Together, we have taken Michelmersh on a significant
transformation journey since 2016 and he will be leaving with our sincere
thanks for his immense contribution to building a business with strong
fundamentals, underpinned by the longevity and depth of our customer
relationships, on whom together we have always focused on delivering an
excellent service and product."

 

Frank Hanna, JCEO, commented:

 

"It has been an honour to act as JCEO of Michelmersh, a company with a unique
and proud focus on being Britain's brick specialists. I am incredibly grateful
to all our staff for their support and dedication since I joined the Group in
2010 and as the JCEO from the start of 2016 and prior to that through my
association with Freshfield Lane right back to 1991, it has been a wonderful
journey and I am confident that when I leave next year, the business will be
in a strong position to continue to deliver against our strategy."

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the UK Market Abuse Regulations. Upon
the publication of this announcement, this inside information is now
considered to be in the public domain.

 

For further information, please contact:

 

 Michelmersh Brick Holdings Plc                      Tel: +44 (0)1825 430 412

 Peter Sharp, Joint Chief Executive Officer

 Ryan Mahoney, Chief Financial Officer
 Canaccord Genuity Limited (NOMAD and Joint Broker)  Tel: +44 (0)20 7523 8000

 Max Hartley

 Bobbie Hilliam

 Harry Pardoe
 Berenberg (Joint Broker)                            Tel: +44 (0)20 3207 7800

 Richard Bootle

 Detlir Elizi

 Yasmina Benchekroun
 Yellow Jersey PR                                    Tel: +44 (0)7747 788 221

 Charles Goodwin                                     Tel: +44 (0)7775 194 357

 Annabelle Wills

 

About Michelmersh Brick Holdings PLC:

 

Michelmersh Brick Holdings PLC is a business with seven market leading brands:
Blockleys, Carlton, FabSpeed, Freshfield Lane, Michelmersh, Floren.be and
Hathern Terra Cotta. These divisions operate within a fully integrated
business, combining the production of premium, precision-made bricks, pavers,
special shaped bricks, bespoke Terra Cotta products and prefabricated brick
components. The Group also includes a landfill operator, New Acres Limited,
and seeks to develop future landfill and development opportunities on
ancillary land assets.

 

Established in 1997, the Company has grown through acquisition and organic
growth into a profitable and asset rich business, producing over 122 million
clay bricks and pavers per annum. Michelmersh currently owns most of the UK's
premium manufacturing brick brands and is a leading specification brick and
clay paving manufacturer.

Michelmersh strives to be a well invested, long term, sustainable,
environmentally responsible business. Opportunity, training and security for
all employees, whilst meeting the needs of stakeholders are at the forefront
of everything we do. We aim to lead the way in producing some of Britain's
premium clay products and enhancing our environment by adding value to the
architectural landscape for generations to come.

We are Michelmersh Brick Holdings PLC: we are "Britain's Brick Specialist".

Please visit the Group's websites at: www.mbhplc.co.uk
(http://www.mbhplc.co.uk/)  and www.bimbricks.com (http://www.bimbricks.com)

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