First Quench Retailing acting chief executive and financial director Martin Healy has resigned and the group has drafted in a new chief financial officer.
The troubled owner of Threshers has also agreed a further £10m injection from its private equity backer Vision Capital, and its chairman Johan Van de Steen has become executive chairman.
First Quench has appointed Martin Boden as chief financial officer. He moves from Genus where he was group finance director, and was also previously at GUS and WH Smith. It is not known if Healy has another role to go to.
Van de Steen said: “With the transformation programme in place the business needs clear direction to implement the crucial next phase of the strategy. I am pleased therefore to announce that I will become executive chairman, with overall responsibility for managing the business. There are still challenges ahead and I am delighted that I have the support of John Cleland, who joined us recently as a non-executive director. With his support and extensive experience in turning around retail businesses, he will be a great asset to the team.”
He added: “I am pleased to also announce a further £10m injection from Vision Capital as the second tranche of a £20m investment to support the recently announced Transformation Programme. The new funding is helping to expedite the core pillars of the programme, including the customer proposition, improved ranging, availability and operational efficiency. This investment recognises Vision Capital’s long term commitment to First Quench and the progress being made to turn the business around.”
First Quench Retailing has struggled with stock after its credit insurance was reduced at the beginning of the year.