Wednesday, March 27, 2019

Exclusive: East parts ways with finance director Malcolm Watts


Malcolm Watts has left womenswear retailer East after the firm made his finance director role redundant earlier this month.

Watts – who has been finance director for the last four years having joined in 2008 as finance controller – told the Retail Gazette that he left East on good terms on March 10.

Watts‘ said his corporate and finance duties will be picked up by the chief executive and owners of the business, while his other duties including property management and IT will be distributed among the remaining directors in East‘s management team.

Prior to East, Watts was financial controller for the Quintus Group, which owned events such as the Masters Tennis and London Triathlon before being sold to IMG.

READ MORE: East sales skyrocket by a quarter

East went through a pre-pack administration in June 2015 and 80 per cent was sold in October 2016 to current US owners Crore Capital.

According to Companies House Financial Statements dating back to March 31, 2014, the fashion retailer traded from 107 outlets, comprising of 61 standalone stores, 43 concessions and three websites.

After going through administration and a restructure of the company, East now trades from 30 standalone stores, three concessions and three websites (East, John Lewis and House of Fraser).

The Retail Gazette understands that there have been no other redundancies in East‘s senior management team, but there have been other changes as part of the retailer‘s restructuring process.

Click here to sign up to Retail Gazette’s free daily email newsletter