Henry J Beans owner replaces financial director

11 February 2008 by
Henry J Beans owner replaces financial director

Jamies Wine Bar and Henry J Beans owner Food and Drink Group has replaced its financial director Urvashi Parekh.

Parekh has been on compassionate leave from the company since mid-December.

Parekh, who has resigned, will be replaced by Stephen Smith, who comes from film company the Rank Organisation.

Parekh's unexplained absence from the company created a delay in filing results that caused Food and Drink Group's share price to halve.

Stephen Thomas, chairman of Food and Drink Group, said: "We are fortunate at this time to be able to call on the depth of relevant experience that Steve Smith can bring to the Board in the areas of finance and treasury management."

During Parekh's absence the operator admitted it was looking for either a sale or a merger with a larger rival after the performance of its bars and restaurants disappointed.

However Thomas reiterated the company's financial position had stabilised with new banking facilities agreed.

Thomas said: "Coupled with revised banking facilities with Barclays providing an additional £2.5m of new funding, Steve's appointment is a significant further step in ensuring the company's sound financial standing."

Food and Drink Group admits to being ‘sub-scale' >>

Henry J Beans buy helps The Food and Drink Group to bumper first half >>

By Christopher Walton

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