Retail Acquisitions, the new owners of beleaguered department store chain BHS, has appointed “turnaround expert” Aidan Treacy as its new Chief Financial Officer.
The first board appointee since March, Treacy was most recently an associate director at Essendon Group, a business advisory company. He also spent four years as finance director of European food company Unigate.
Speaking to The Independent, Treacy said that “joining the already strong entrepreneurial team at Retail Acquisitions, and working with the fantastic retailers leading BHS in its turnaround plan, is the most exciting opportunity in the UK for a turnaround specialist like me.”
He added that all those involved are “determined to renew this iconic high street brand”.
After consistent losses BHS was sold in March to Retail Acquisitions, a sale that made Sir Philip Green £1 in profit.
Since then, cost cutting initiatives have included the investigation of 51 shops around the UK to gauge the possibility of subletting or renting unused space. There have also been talks about Ikea opening a small outlet in the BHS Oxford Street Store.
In addition, BHS boss Darren Topp introduced food stores into BHS outlets, where customers can shop for basic groceries and utilise a “two dine for £10” offer.
In September the British retailer signed a loan agreement for £60m with Grovepoint Credit. BHS announced this would contribute to its working capital which was in excess of £85m, and would “enable it to modernise and reinvigorate the customer experience.”