Les Thomas joined LSE Retail Group Limited as Interim Finance Director in December 2014.
He originally joined to help me carry out a strategic review of the options available to me as principal shareholder and to the business. After due consideration, I decided I wished to press ahead and grow the business organically.
Since that time Les, as the first Finance Director of the business, has developed financial, commercial and operating reporting systems and KPls and he has professionalised the Finance team and our relationships with bankers and third-party advisors. Our audits have been completed smoothly and successfully.
In the four years Les has been with the business the following milestones have been achieved:
- The company has more than doubled in size and has developed international sales
- The senior management team has been expanded and a Non-Exec Chairman is now in place
- We have introduced corporate governance standards that are in line with businesses of a much larger scale
- We have transitioned to seven day and twenty four hour working over multiple shifts
- We moved to a new ERP system (Netsuite) and have completed several IT developments
- We have moved banks to offer international capabilities which will assist future growth on a global scale
- We have changed professional advisors and insurance advisors to offer the same international development capabilities
- We have developed a clear strategy and vision of where we want to go with the business
- We are a profitable business with a strong Balance Sheet and deep cash reservesThe company has therefore been future-proofed and it’s infrastructure and senior team is now sufficient to grow the business to £50m from the current £30m level.
That said, given the uncertainties arising around Brexit, the business is intending to batten down the hatches and focus on current business activities for the immediate future. For that reason, we feel it is the right time for the business and Les to part company. This will allow Les’ direct reports to take on more responsibility during the time when we are sitting and waiting to see how Brexit impacts on the business.
I would like to thank Les for his commitment and contribution to the development of the business over the last four years. He has been a strong team player and he has both robustly challenged and fully supported the senior and operational teams.
David Gutfreund Managing Director, LSE Retail Group
