Carpetright’s longtime CFO Neil Page steps down

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Carpetright
// Carpetright CFO Neil Page is stepping down after more than 10 years in the role
// Page will leave the board on February 25 but will remain with Carpetright until April 30
// He will be replaced by Jeremy Simpson who was the finance chief of Sureserve Group

Carpetright chief financial officer Neil Page is poised to step down from the retailer this month after serving more than 10 years at his role.

Page will leave the board on February 25 but will remain with the company until April 30.

He will be replaced by Jeremy Simpson, who most recently was the finance chief of Sureserve Group, on February 25.

“As CFO, Neil has made an outstanding contribution to Carpetright over many years and the board wishes to express its gratitude for his unstinting commitment to the business, particularly through the recent challenging period of restructuring,” Carpetright chief executive Wilf Walsh said.

“We are delighted that Jeremy is joining us as CFO – he has a strong plc track record and will be able to integrate swiftly into the executive team.”

Page’s resignation comes after Carpetright revealed that UK sales remained under pressure in the 13 weeks to January 26.

The retailer confirmed UK like-for-like sales fell once more, although it said trading had improved since the first half, when sales tumbled 12.7 per cent.

Its European operations have fared better, with the group saying trading has been “consistently” ahead of a year earlier, driven by robust trading in The Netherlands.

The group also confirmed it is on target to deliver promised annual cost savings of £19 million, agreed as part of a rescue deal announced in April that will see it undergo a dramatic store closure programme.

Carpetright announced a CVA last year in April, allowing it to close up to 81 under-performing outlets.

It said at the half-year stage that 54 were shut in the period and another two will close in the second half. Another 25 continue to trade without paying rent.

An additional 11 stores had been shut in the first half where the landlord had decided to take back the lease, with another nine closures expected in the second half.

Carpetright made a loss before tax of £11.7 million in the 26 weeks to October 27.

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