Brammer’s CEO of 18 years to step down after profit warning

THE chief executive of listed tool supplier Brammer has announced he is to retire from his role.

Knutsford-headquartered Brammer, which supplies parts for industry, from ball bearings to gear boxes and tools, said that a date for Ian Fraser’s departure has yet to be finalised.

It said a formal search process is underway to secure his replacement “as soon as possible”, with Mr Fraser, who has been with the company 18 years, agreeing to stay in place in the meantime.

The move comes a week after the value of the company’s shares halved after it issued a profit warning.

The company said that it has seen a “significant slowdown” in sales since April and that half year pre-tax profits will stand below expectations at around £5m.

Brammer shares were down 1.23% to 60.25 pence this afternoon.