FQR gets new boss and £10 million investment

05 October, 2009

First Quench Retailing has appointed Johan Van de Steen as its new executive chairman as its owner injects £10 million to support the company's turnaround plan.

Martin Healy, the retailer's acting chief executive has resigned from the business with Martin Boden taking on the role of chief financial officer. Boden has previously held a number of similar positions in the retail sector including stints at Genus and WH Smith.

Van de Steen, an operating partner at FQR's backers Vision Capital, said: “With the transformation programme in place the business needs clear direction to implement the crucial next phase of the strategy. 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.

“I would like to thank Martin Healy for his invaluable contribution to First Quench since he joined in 2008. In particular, I want to personally thank Martin for stepping into the role of acting chief executive officer during what was a difficult time for the business and helping us put in place the transformation programme that the team will now drive forward.

“Finally, I am pleased to also announce a further £10 million injection from Vision Capital as the second tranche of a £20 million 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.”

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