UK DIY News
The Range CEO to Leave Business
Retail Week has reported that the chief executive of The Range is to leave the business.
Nigel Oddy joined the value retailer in April 2017 after ten years at House of Frase, the final two and a half of which were in the CEO role. His retail career has spanned 38 years and included 20 years at M&S.
The publication reports that Oddy's departure is 'on amicable terms and by mutual agreement' with The Range's founder and owner, Chris Dawson.
It was understood that Oddy had joined The Range to smooth the path for a potential IPO which was expected to value the retailer at circa £2bn. Dawson decided against further action, citing 'crap' market conditions after the weak pound affected profits for the year ended 28th January 2018. Turnover reached £869m (2017 £764m) and consolidated profit after tax dropped by 22% to £42.6m during the reporting period.
The Range is continuing to expand its network of over 150 branches and recently formed a strategic alliance with Iceland to introduce frozen food to some of its stores.
Source : Insight DIY
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