| NEWS RELEASE Issued on behalf of Flowtech Fluidpower plc Immediate Release Tuesday, 8 March 2022 | |
FLOWTECH FLUIDPOWER PLC
("Flowtech" or the "Group")
Specialist full-service supplier of technical fluid power products and services
BOARD CHANGES
FLOWTECH ADDS TWO NON-EXECUTIVE DIRECTORS TO THE BOARD
Flowtech Fluidpower is pleased to announce the appointments of James Brooke and Ailsa Webb as Non-Executive Directors of the Group with immediate effect.
James has had successful City roles in equity and private equity fund management. Over his 20+ year career he has gained a wealth of experience and capabilities covering investments, leadership and mentoring, M&A and business strategies, audit and consultancy. Most recently he has been working with Hanover Investors Management LLP and, prior to this, James spent three years at Lombard Odier following the spin out of the Volantis team from Henderson Investment Management.
Ailsa has held a number of lead-operational management roles including at TNT and Brammer Buck and Hickman. Until 2019, Ailsa was Chief Operating Officer for the UK, Ireland and Iceland territories at Brammer Buck and Hickman, the UK subsidiary of Rubix Group, Europe's largest supplier of industrial maintenance, repair and overhaul products and services. In 2019, Ailsa joined HSS Hire Services, Scotland, one of the UK's largest equipment rental companies, where she is Managing Director and, in early 2021 she took over as Managing Director for ABird and Apex Power Solutions, two service business parts of HSS Group. Ailsa has a deep understanding of the industrials distribution sector, including within e-commerce where she has a wealth of digital transformation expertise driving revenue growth through e-commerce strategies.
Roger McDowell, Chair at Flowtech commented:
"The Board remains committed to good corporate governance and ensuring there is a broad range of skill, diversity and experience that it can draw upon. So, on behalf of my colleagues and all stakeholders we are delighted to welcome James and Ailsa to the business. They bring additional cross-sectoral experience, strategic, analytical and transformational competences, and we look forward to working with them as a team as we continue the development of the Group."
Additional information regarding James Brooke and Ailsa Webb, pursuant to paragraph (g) of Schedule Two of the AIM Rules for Companies, is set out below.
| JAMES DOMINIC BROOKE, 50 | |
| Current directorships/partnerships | Previous directorships/partnerships (last five years) |
| Chapel Down Group Plc Maitland Capital Limited | Internet Fusion Group Limited Redhall Group Plc (in administration) Oryx International Growth Fund *Flowgroup Plc (in liquidation) Wameja Pty Ltd
|
James Brooke was a director of Flowgroup Plc, which entered into administration on 8 November 2018; the liquidation is ongoing and the shortfall to creditors is unknown at this date. James Brooke was formerly a director of Redhall Group Plc, which entered into administration on 10 June 2019; the total deficiency to creditors was £12.9m.
*This company has no links to Flowtech Fluidpower plc or its subsidiaries.
| AILSA GRAHAM WEBB (née Allardyce), 51 | |
| Current directorships/partnerships | Previous directorships/partnerships (last five years) |
| N/A | N/A |
Neither James Brooke nor Ailsa Webb hold any ordinary shares in the Company
Except as disclosed in this announcement, no other disclosures are required in accordance with AIM Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies James Brooke or Ailsa Webb.
| ENQUIRIES: |
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| Flowtech Fluidpower plc Roger McDowell, Chair Bryce Brooks, Chief Executive Russell Cash, Chief Financial Officer Tel: +44 (0) 1695 52759 Email: info@flowtechfluidpower.com |
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| Liberum (Nominated adviser and Sole Broker) Richard Lindley / Ben Cryer / William Hall / Will King Tel: +44 (0) 20 3100 2000 |
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| TooleyStreet Communications (IR and media relations) Fiona Tooley Tel: +44 (0) 7785 703523 or email: fiona@tooleystreet.com |
| About Flowtech Fluidpower plc Founded as Flowtech in 1983, the Flowtech Fluidpower Group is a group of specialist fluid power businesses. Working in partnership with customers and suppliers, we deliver essential components, customer solutions and high-quality servicing support to keep global industry moving. The business joined the AIM market in 2014. Since the start of 2021, the Group has been operating under three distinct branded segments: with Flowtech and Fluidpower Group Solutions forming what was 'Components', and Fluidpower Group Services the remainder. To read more about the Group please visit www.flowtechfluidpower.com.
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| Segment: | What we do: | Locations: |
| Flowtech
| Supply of both hydraulic and pneumatic consumables, predominantly through distribution for maintenance and repair operations across all industry markets and supported by supply agreements direct to a broad range of original equipment manufacturers.
Channels to market: E-commerce websites, customer white label e-commerce websites, catalogues, own and customer trade counters.
| Flowtechnology Benelux (Deventer) Flowtech - Skelmersdale, Leicester & Oldbury
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| Fluidpower Group Solutions | Supply specialist technical hydraulic components & systems predominantly into OEMs and end-user channels to all industry markets and supported by supply agreements direct to a broad range of manufacturer brands.
Channels to market: Engineering collaboration, e-commerce. | Primary Fluid Power Components (Skelmersdale) Nelson Hi-Power Hydraulics (Dublin, Dungannon, UK) HTL (Ludlow) Hi-Power Hydraulics (Cork, Dublin, Belfast ) Hydroflex (Brussels, Rotterdam and OudBeijerland) Hydraulic Equipment Supermarkets (Gloucester, Leeds) Derek Lane & Co (Newton Abbot, Devon) HES Tractec (Gloucester)
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| Fluidpower Group Services
| Bespoke design, manufacturing, commissioning, installation, and servicing of systems to manufacturers of specialised industrial and mobile hydraulic OEMs and additionally a wide range of industrial end users. Capital project-based revenue.
Channels to market: In-house design and build, combined with on-site installation, servicing and support.
| Primary Fluid Power Systems (Knowsley) Branch Hydraulic Systems and HES Automatec (Gloucester) HES Lubemec (Gloucester) HES Onsite (Leeds, Gloucester) Flow Connect (Gloucester) Orange County (Spennymoor)
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| All the Group's divisions have overlapping product sets, allowing procurement synergies to be maximised. The above segments are supported by a centralised back-office team based in Wilmslow, Cheshire. In total, the business employs 618 people. For more information please visit, Our business | Flowtech Fluidpower plc | ||
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