New CEO for Findel

HOME shopping and education supplies group Findel today announced that chief executive Patrick Jolly is stepping down.

The Yorkshire company, which has an educational division in Tameside, said Mr Jolly will be replaced by Philip Maudsley, who has been with the Burley-in-Wharfedale-based company for 20 years and been chief operating officer for the last six years.

Chairman Keith Chapman said that following Findel’s recent £81m fundraising and refinancing, it was a “natural time” for Mr Jolly, 42, an experienced corporate finance lawyer, to pursue other interests.

Mr Jolly, who joined Findel as a non-executive director in 2001 and became chief executive in May 2006, will leave at the end of its current financial year in April.

In a statement Findel said: “Patrick joined us at a time of expansion and his experience in corporate finance and M&A has helped the group greatly over the last five years. Following the successful fundraising and refinancing of our syndicated facilities, the strategic focus of the Group is on stability, efficiency and cash generation from our existing operations.”

Mr Maudsley was managing director of Findel’s home shopping division for more than 10 years. He joined the group in 1987 as general manager of a manufacturing subsidiary, became managing director of the home shopping division in 1994 and was appointed to the board in 2004 and later than year became group managing director before promotion to chief operating officer in May 2006.

Mr Chapman, chairman, said: “Philip knows the group intimately and his skills and the current requirement, to run the business with a clear focus on cash generation and streamlining our core activities, are a perfect match.”