Cake Box Holdings PLC Management Changes and Trading Update (5678E)
14 March 2022 - 6:00PM
UK Regulatory
TIDMCBOX
RNS Number : 5678E
Cake Box Holdings PLC
14 March 2022
14 March 2022
Cake Box Holdings plc
("Cake Box" or the "Company" or the "Group")
Board and Executive Management Changes and Trading Update
Cake Box, the specialist retailer of fresh cream cakes, today
announces various Board and executive management changes, alongside
a short trading update ahead of the end of its financial year to 31
March 2022.
Board changes
After more than ten years at Cake Box, Pardip Dass, co-founder
and CFO, will be stepping down from his role in order to pursue
other interests. The Board has appointed David Forth as Interim
Chief Financial Officer, with effect from 14 March 2022. Pardip
will work alongside David to ensure an orderly handover before
stepping down from the Board on 31 March 2022.
David brings over twenty years' experience in senior finance
roles across the consumer, retail and logistics industries,
including most recently as Interim Finance Director at AB Sugar
(2020), Deputy CFO of Eddie Stobart Logistics (2018-2020), Interim
Transformation Finance Director at Wincanton plc (2017-2018) and
Interim CFO at Airwair Dr Martens (2015-2016). He qualified as a
Chartered Accountant in 1981 with KPMG Peat Marwick.
Appointment of Chief Operating Officer
In November 2021, Cake Box announced that the Board was seeking
to further bolster its Executive team. Following an extensive
search process, the Board has appointed Richard Zivkovic as Chief
Operating Officer. Richard will be joining Cake Box on 13 June
2022.
Richard joins Cake Box from Island Poke, the 'grab and go'
franchised food retailer, where he is Chief Operating Officer.
Prior to joining Island Poke in 2019, Richard was Chief Operations
Officer at Abokado (2015-2018) and Regional Operations Director -
London at Costa Coffee (2014-2015).
Following Richard's appointment, Dr Jaswir Singh will move into
the role of Commercial Director. Dr Singh will remain on the Board
in his new role.
Appointment of Marketing Director
The Group has also recruited Chay Watkins to the role of
Marketing Director. Chay joins Cake Box from a brand strategy
consultancy, where he developed brand and category strategies for
large FMCG brands and multiple retailers. He has previously worked
for a number of national consumer food, beverage and nutrition
brands, including Dairy Crest and Samworth Brothers.
Trading and business update
Trading has continued strongly throughout the second half of the
financial year to date, and the Board expects performance for the
full year to be in line with expectations.
As previously announced, the Board appointed BDO as internal
auditor in August 2021 to assist in strengthening Cake Box's
Internal Control framework. We continue to work through a plan of
improvements based on the areas identified by the external
auditors, the initial focus being on Inventory Management, with
some changes already being progressed.
Neil Sachdev, Non-Executive Chairman of Cake Box, commented:
"I would like to personally thank Pardip for his immense
contribution over the last decade and the significant role he has
played in the Cake Box growth story, including the Group's IPO on
AIM in 2018.
"We are delighted to welcome David, Richard and Chay to the Cake
Box Family, and look forward to working with them as we continue to
evolve, improve and further professionalise the business, bringing
in the experience and capabilities to fulfil our growth ambitions
and build on the strong trading in the second half to date."
Pardip Dass, commented:
"I am extremely proud of what we have achieved at Cake Box, from
first beginning to franchise the business model, to listing the
business on AIM. After a decade with the business, now is the right
time to move on following an orderly handover to David. I remain
passionate about Cake Box and a supportive shareholder, and wish my
dedicated colleagues all the very best for the future."
For further information, please contact:
Cake Box Holdings plc Enquiries via MHP
Neil Sachdev, Non-Executive Chairman Communications
Sukh Chamdal, CEO
Shore Capital
Stephane Auton +44 (0) 207 408
Patrick Castle 4090
MHP Communications +44 (0) 771 003
Simon Hockridge 2657
Pete Lambie Cakebox@mhpc.com
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END
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