MWB Business Exchange, the subsidiary of the MWB Group at the centre of the decision to suspend shares in the company, has appointed a new corporate finance director.
Andrew Blurton has taken up his new position, which will involve corporate developments as well as finance and accounting functions, with immediate effect. Previously finance director of the MWB Group, parent company of Malmaison and Hotel du Vin, until January 2010, he will also join the board.
The share suspension on 31 October resulted from an outstanding loan of £8m - now repayable - which MWB Group owes to MWB Business Exchange, a service office company.
Meanwhile MWB Business Exchange also owes the parent company £4.8m in contractual payments, which were due to be paid between September this year and February 2013. It has been proposed that the remaining monthly payments are offset against the inter-company loan. With the MWB Group relying on the regular payments from MWB Exchange to meet its liabilities, the future of the company is uncertain.
Blurton takes over from Keval Pankhania who has resigned from the board to take a career break and spend time with his family. Meanwhile, Richard Aspland-Robinson, executive director with responsibility for acquisitions, has also resigned from the board with immediate effect to run his personal family interests.
The publication of MWB Group, due at the end of October, have been delayed as a result of the share suspension.
By Janet Harmer
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