REG - Various Eateries PLC - Appointment of CEO and Board changes

Various EateriesAnnouncement

13/01/2025 07:00

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RNS Number : 9871S  Various Eateries PLC  13 January 2025

13 January 2025

VARIOUS EATERIES PLC

("Various Eateries" or "the Group")

Appointment of CEO and Board changes

Various Eateries, the owner, developer and operator of restaurant, clubhouse
and hotel sites, is pleased to announce the appointment of Mark Loughborough
to the Board of the Group as Chief Executive Officer, effective 20 January
2025.

Mark brings over 30 years of experience in the hospitality industry, including
most recently 14 years at Young & Co Brewery PLC, where he served as
Retail Director and Executive Board Member. During this time, Mark played an
instrumental role in the successful transformation of Young's pubs, overseeing
the operation of 280 sites and 1,050 bedrooms across London and the South of
England and managing £490 million in revenue and £142 million in EBITDA.

At the same time, Andy Bassadone will transition from Executive Chairman to
Executive Director on the Group's Board and continue his focus on Noci's
success as its founder. Glyn Barker, current Non-Executive Director, will
assume the role of Non-Executive Chairman. Glyn is Chairman of Irwin Mitchell
and has significant public markets experience from roles including Chairman of
Berkeley Group plc, Director of Transocean and Senior Independent Director of
Aviva plc.

Andy Bassadone commented:

"Mark's exceptional leadership, strategic vision and focus on operational
excellence have been pivotal in shaping one of the most respected companies in
the hospitality sector. His experience and expertise align perfectly with our
goals of driving growth and enhancing profitability and I am delighted to
welcome him to the Group.

"These Board changes strengthen the Group's leadership structure, positioning
us to execute our strategic ambitions. With his deep understanding of the
business, extensive public markets experience and strong governance
credentials, the Group is in very capable hands with Glyn as Non-Executive
Chairman."

Mark Loughborough, incoming CEO, commented:

"I am pleased to be joining Various Eateries at an exciting time in its
development. The Group has strong foundations with distinct brands, a
high-quality site portfolio and one of the most accomplished leadership teams
in the industry. I look forward to working with them to unlock its full
potential."

Glyn Barker, transitioning from Non-Executive Director to Non-Executive
Chairman, said:

"With Mark coming on board as CEO, the Group is well-positioned to enter its
next phase of growth. I am focused on working closely with the Board and the
wider team to grow the business and deliver increased value for shareholders."

The following information is disclosed pursuant to Schedule Two paragraph (g)
of the AIM Rules for Companies.

Mark Julian Loughborough, aged 53, is or has been a director or partner of the
following companies during the five years preceding the date of this
announcement:

 Current directorships / partnerships  Past directorships / partnerships within the last five years
 None                                  580 Ltd
                                       Barts Pub Ltd
                                       BFI Limited
                                       BNB Leisure Limited
                                       Crooked Billet Holdings Limited
                                       Crooked Billet Limited
                                       Geronimo Inns Limited
                                       Gresham Collective Limited
                                       Old Manor Trading Ltd
                                       Randall & Zacharia Ltd
                                       Redcomb Pubs & Bars Limited
                                       Redcomb Pubs Limited
                                       The City Pub Group Limited
                                       The City Pub Company (West) Limited
                                       The Galaxy (City) Pub Company Limited
                                       The Pioneer (City) Pub Company Limited
                                       The Sovereign (City) Pub Company Limited
                                       Young & Co's Brewery Plc

 

Mark was appointed as a director of Lenthall Limited on 8 December 2008. The
company entered into creditors' voluntary liquidation on 19 April 2011. The
secured creditor held fixed and floating charges over the company's assets. No
claims were made by the preferential creditor, and unsecured creditors
submitted claims totalling £54,206. No distribution was made to creditors.
The company was dissolved on 12 December 2012.

Mark was appointed as a director of Red Gorilla Limited on 14 March 2002. The
company entered into creditors' voluntary liquidation on 27 February 2009.
There were no secured or preferential creditors. Unsecured creditors submitted
claims totalling £114,304. No distribution was made to creditors. The company
was dissolved on 8 January 2011.

Mark Loughborough does not hold any ordinary shares in Various Eateries PLC
however, as part of his remuneration package, the Company intends to grant
Mark 4,000,000 options over ordinary shares ("Options") a month following his
official appointment and, once granted, the Options will vest over a
three-year period.

The Company will provide further details on the Options once they have been
granted to Mark.

There is no further information to be disclosed pursuant to paragraph (g) of
Schedule 2 of the AIM Rules.

The Chief Financial Officer, Sharon Badelek, has approved this announcement
and authorised its release.

 Various Eateries plc                            Via Alma
 Andy Bassadone (Executive Chairman)
 Sharon Badelek (Chief Financial Officer)

 Zeus Capital Limited (Sole Broker & NOMAD)      +44 (0)20 3829 5000
 Harry Ansell (Broking)
 Antonio Bossi (NOMAD)
 Darshan Patel

 Alma Strategic Communications                   +44 (0)20 3405 0205
 David Ison                                      variouseateries@almastrategic.com (mailto:variouseateries@almastrategic.com)
 Rebecca Sanders-Hewett
 Will Merison

 

About Various Eateries

 

Various Eateries owns, develops and operates restaurant, clubhouse and hotel
sites in the United Kingdom. The Group's stated mission is "great people
delivering unique experiences through continuous innovation".

 

The Group operates two core brands across 20 locations:

 

Coppa Club, a multi-use, all day concept that combines restaurant, terrace,
café, lounge, bar and work spaces.

 

Noci, a modern pasta-led concept which serves very high-quality dishes at
reasonable prices

 

For more information visit www.variouseateries.co.uk
(http://www.variouseateries.co.uk/) .

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