Mamas & Papas has appointed a new boss as it attempts to build on a turnaround effort.
The private equity-owned maternity, pram and childrenswear retailer has promoted its chief commercial officer, Jonathon Fitzgerald, to chief executive.
Derek Lovelock, who was leading the business, has switched to the role of non-executive chairman. Lovelock is a former boss of Coast, Oasis and Warehouse.
Lovelock was parachuted in two years ago to drive Mamas & Papas’ recovery by renegotiating rents and reportedly cutting 90 jobs from its Yorkshire head office.
Lovelock said: “Jonathon has already played a key role in the transformation of the business over the past couple of years and is therefore a natural choice as chief executive.”
Last month rumours surfaced that Mamas & Papas’ owner, the private equity owner Bluegem Capital, is looking to sell the business.
Bluegem put Mamas & Papas through a company voluntary arrangement just months after acquiring the business in 2014.
In accounts to be filed at Companies House, the retailer is expected to report that latest full-year profits have come in at £6m compared to a loss two years ago.
Like-for-likes have grown by around a fifth, while total sales are expected to have slipped due to store closures.