Restructure for Endless-backed £240m marketing group

£240m-turnover Endless-backed marketing business Adare Group is moving into the next phase of its business as it dissolves the group and establishes two separate businesses.

The splinter businesses will go forward as standalone companies.

Richard Slee will head up Adare SEC which will be headquartered in Huddersfield and Andrew Dutton will become CEO at Adare International, headquartered in Basingstoke.

It said that it was the “natural evolution” for the business, with the two companies no longer dependent on their parent.

Robert Whiteside, formerly CEO of the group, will continue as chairman of both splinter companies.

Endless will remain as majority shareholder in both businesses, with separate relationships to each company.

A management buyout of Huddersfield-headquartered the group was backed by Endless and completed in April 2015. It combined two of its divisions, into the SEC business.

Robert Whiteside commented: “During the formative years of Adare, the Group function provided very close, hands-on support, guidance and strategic input to its subsidiaries. We are now at a point, however, where we have two strong and quite different businesses, each with its own clear strategy and very capable management team, and so it is now time to move forward into the next exciting phase of our evolution.”

HSBC will provide their continued support via separate lending and banking facilities to each business.