Homeform chief executive Tony Vicente and chief financial officer Tim Kowalski have left the business amid a difference of opinion with the owners, it has emerged.
Both executives left at the end of last month and are seeking new opportunities.
Vicente said there was a “disagreement in general strategy” between him and owners Sun European Partners but that there is “no animosity between myself and the shareholders. We left on very good terms”.
Kowalski declined to comment but it is understood he is seeking other opportunities.
Homeform has appointed Chris Pavlosky, former chief operating officer of MFI, to the position of interim chief executive and Albert King to the position of interim finance director while it seeks permanent replacements.
One source said Sun European Partners did not deliver the funding it had promised, which resulted in the exit of both executives. “There was a mutual agreement to agree to disagree,” said the source.
However, it is understood Sun European Partners injected £2.5m into the business three weeks ago. Pavlosky, who has worked for Homeform previously as a non-executive director, denied Sun European Partners had failed to inject adequate funding. “Everyone is aligned and wanting to grow the business,” he said, adding Homeform has the “full support” of Sun European Partners and “has the cash to operate. Tony and Tim turned the company around into profit and did a cracking job. We’re very keen to build on that.”
Homeform runs Sharps Bedroom fascia, Dolphin Bathrooms and Moben Kitchens. It has 160 stores across the UK.