Findel chief executive Roger Siddle to step down at end of financial year

The home shopping group has opted not to seek a replacement for Siddle immediately “in light of the potential for change in the shape of the group”. Non-executive chairman David Sugden will become executive chairman in March “whilst the board considers the appropriate longer-term leadership structure”.

Siddle joined as chief executive in 2010 when the retailer was “severely challenged”, according to Findel.

Findel said: “Under his leadership Findel’s performance has improved significantly and net debt has been materially reduced. Given the considerably strengthened position of the group and the Kitbag strategic review, with the potential for change in the shape of the group, Roger has decided that this is the appropriate time for him to pursue alternative options for his career.”

Sugden will work alongside group finance director Tim Kowalski and managing director Philip Maudsley.

Sugden thanked Siddle for his “substantial contribution” to Findel. “His leadership, expertise and dedication have helped to transform a group that was in real distress into one with increasingly strong performance and prospects,” he said.

The retailer has also unveiled its Christmas trading figures. Group sales were up 1.1% in the 16 weeks to January 16.

In the financial year to date, group sales were flat.

Findel said its bank and securitisation facilities have been extended until December 2016.

The retailer said it remains on track to “deliver another year of strong profit growth”. It expects operating margin in excess of 7%, meeting its own medium-term target of 7% to 9%.