Embattled building supplies firm turns to ex-Patisserie Valerie boss as sales crumble
Building supplies firm SIG today parachuted in the former boss of Patisserie Valerie in a major overhaul of its management team.
Meinie Oldersma will be replaced by former head of cafe chain Patisserie Valerie Steve Francis.
SIG, which supplies insulation and roofing products, saw shares slip 17 per cent on the news.
Francis will be in the top role on an interim basis until the end of this year.
He last year led a management buyout of Patisserie Valerie, after the bakery chain went bust following the discovery of an accounting black hole.
Sign up to City PM’s Midday Update newsletter, delivered to your inbox every lunchtime
SIG finance boss Nick Maddock is also heading for the exit.
He will be replaced by Kath Kearney-Croft, the former head of Vitec Group.
SIG employs 8,300 people in the UK, Ireland and across mainland Europe.
The company reported a fall in December sales relative to November, citing a fall in construction activity.
The management changes also mean SIG’s full-year results will not be released until the second half of April, instead of early March.