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Flooring retailer Carpetright CFO to step down amid restructuring

Flooring retailer Carpetright CFO to step down amid restructuring
FILE PHOTO: A branch of Carpetright is seen in south west London, Britain January 19, 2018. REUTERS/Toby Melville -
Toby Melville(Reuters)
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(Reuters) – Struggling U.K. flooring retailer Carpetright <CPRC.L> said on Tuesday its Chief Financial Officer Neil Page would retire this month after more than a decade in the role.

The company, which is implementing a survival plan after negotiations with creditors in the past year, said Jeremy Simpson would replace Page on Feb.25.

Simpson is joining Carpetright from asset and energy support services group Sureserve Group <SURS.L>, formerly called Lakehouse Plc, where he was the finance chief.

Carpetright had raised 65 million pounds ($82.7 million) through a share issue in June last year after creditors and shareholders backed a restructuring plan to close stores and cut jobs.

Many British retailers have either gone out of business or announced plans to close shops, struggling with subdued consumer spending, rising labour costs, higher taxes and growing online competition.

The company said on Tuesday it was on course to achieve the annual cash savings target of 19 million pound announced as part of the recapitalisation in May last year.

UK like-for-like sales for the 13 weeks ended Jan. 26 remained negative although it improved from the first half, Carpetright said, adding that the overall performance were in line with expectations.

Neil Page, who began his career with British Rail and Marks and Spencer, joined Carpetright in 2008 and was paid 388,000 pounds in fiscal 2018, according to the company’s annual report.

Simpson, who has been CFO for nearly five years, has previously held senior positions at Shanks Group plc, Hunting plc <HTG.L> and Smiths Group <SMIN.L>. He was expected to be paid 323,000 pounds in 2018, according to Sureserve’s annual 2017 report.

(Reporting by Sangameswaran S and Arathy Nair in Bengaluru; Editing by Arun Koyyur)

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