Marks Electrical finance boss steps down

Tom Pallatt, who joined the electrical retailer just over nine months ago, is set to step down from the role. 

Pallatt took over the finance role from Josh Egan, who helped launch its successful float on the AIM in 2021. 

The retailer said it had begun the process of appointing a successor to Tom, who remains a director of the retailer and will continue in his role to support “a smooth transition”. 

Over the past year, Marks Electrical has navigated a period of financial volatility characterised by falling profits and regulatory scrutiny, while simultaneously pursuing strategic partnerships and operational realignments.

The retailer faced significant headwinds during the first half of the 2025 financial year, reporting group revenues of £53m, a 9.9% year-on-year decline. Adjusted EBITDA fell to £0.5m from £2m in the previous year, a drop attributed to “challenging” conditions and a focus on repositioning inventory.

Despite these figures, chief executive Mark Smithson noted in November 2025 that the business was seeing “green shoots,” stating: “the group has returned to revenue growth and improved profitability in October, in line with revised forecasts”