WideCells announces further board restructuring and cost cutting
Manchester-based WideCells, the healthcare services group focused on providing stem cell services and insurance for stem cell treatment, has announced further corporate restructuring and cost cutting measures to rationalise its board and refocus on its core operational divisions.
As part of this restructuring, Alan Greenberg has resigned from his positions as a director of the board and chief business development officer and senior vice president of Wideacademy.
In addition, the company has closed Wideacademy’s London office and has brought the division into the Manchester head office, making annualised savings of approximately £400,000.
Wideacademy will continue to use its current collaborations with the education and medical sectors, and will harness Prof Peter Holland’s knowledge in stem cell education and training to bolster the group’s stem cell storage and insurance sales.
The Group’s chief executive, João Andrade, said: “I’d like to thank Alan Greenberg for his dedication to WideCells and I wish him all the best for the future.
“The streamlined board and Wideacademy is now fully focused on increasing sales at our two core divisions – CellPlan, the world’s first stem cell healthcare insurance plan; and WideCells, focused on stem cell storage and, research, in order to generate value for our shareholders.”
Earlier this month the group announced it was restructuring the board to cut costs after warning it would need to trim back costs having suffered a torrid year and a £2.03m loss.
It revealed that chief financial officer David Bridgland was stepping down and a non-board financial controller will be recruited.
Prof Peter Hollands also stepped down from his board position but remained as a director of WideCells Storage and Research division, as well as the group’s chief scientific officer.
Chairman Peter Presland is to take on additional responsibilities until the group has stabilised, overseeing corporate matters, financial management and relationships with investors and advisors.
The company said this will enable chief executive João Andrade to focus on sales and business development, prioritising revenue generation.
