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Maplin announces departure of 3 directors

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Electricals retailer Maplin has today announced the departure of three senior directors.

A statement from the business indicated that the trio of employees have moved on “to pursue their interests elsewhere”.

Steve Milner, Steve Lynas and Laurence Saunders are the men to depart their roles, having been directors of logistics, human resources and property merchandise respectively.

Maplin said that they have exited the retailer following a recent reorganisation of board responsibilities, but it is not yet clear if they will be replaced.

Dave Whittle, Managing Director of Maplin, commented: “We are constantly looking at ways to streamline our operational activity and we have focused our efforts on minimising costs and speeding up decision making.

“It is our intention to continue with our short term expansion plans with another eight new stores to add to the six already opened in 2011.”

A trading statement published in April showed that group profit increased by 1.1 per cent in the year to January, although like-for-like sales in store had fallen 3.5 per cent.

Sales for the 12-month period totalled £213.1 million, EBITDA grew to £40.8 million and operating profit was up to £36.6 million.

Trading conditions in the sector have been tough, with many consumers cutting down their spending on household goods and consumer electronics in light of higher inflation, slow wage growth and overall economic uncertainty.

Speaking in April, Whittle said: “In these challenging economic times we have focused our efforts on protecting profits through careful management of our gross margin.

“Like all retailers we face increases to our operating costs. Over the last 12 months we have found consumer confidence and increased competition to be the biggest challenges.”

Published on Monday 06 June by Editorial Assistant

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