29 July 2009

Holidaybreak chief to stand down


Holidaybreak chief executive Carl Michel is leaving the company citing "personal reasons".

The camping, activity holiday and short break company said he would step down from the board on September 30.
 
The recruitment process to find a replacement has already started.
 
John Coleman has taken on the role of executive chairman and will remain so until a new chief executive is appointed.
 
The company said Michel had "decided to stand down from the role for personal reasons
unconnected with the business".
 
The news came following the completion of a £33.2 million rights issue.
 
An interim management statement released two month’s before the end of Holidaybreak’s financial year said: "The group continues to perform well in what remains a difficult trading environment, and the trading prospects for the current financial year remain satisfactory and in line with management expectations for the full year.
 
"Overall, the group is now booked at 94% of our target sales, with year to date sales up 2% on last year."
 
by Phil Davies


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