Chief executive of struggling food ingredients firm to step down

A struggling firm has announced its chief executive is to stand down with immediate effect.

Real Good Food, the Liverpool-based bakery ingredients maker, announced this morning that its chief executive is to step down from the board and his duties with immediate effect.

He will leave the Toxteth firm at the end of the month.

The company said Hugh Cawley’s departure follows a change in the role of the chief executive.

It said, following a number of disposals over the past year, the group now comprises two autonomous business units with their own separate strategies led by the managing director of each respective business unit.

It added: “The role of group CEO has, therefore, changed and the board consider the future role will now be a part-time role, complementing the strategic and operational focus of the managing directors of Brighter Foods and Renshaw, with a particular focus on the group’s head office functions and corporate governance.”

It said the search for an executive director to replace Mr Cawley is well advanced, and is expected to be made within a few weeks.

Pending this appointment Mike Holt will temporarily become executive chairman of the group.

Mr Holt said: “On behalf of the board, we would like to express our thanks to Hugh for his considerable contribution in stabilising the group, helping to improve corporate governance within the group and getting it focused on its two core businesses.

“The group is now fully engaged in growing Brighter Foods and regaining market share for Cake Decoration. We wish Hugh well for all his future endeavours.”

Last month the business announced it had secured £8.87m in a refinancing package, from Leumi ABL Ltd, which will allow it to repay some of its debt facilities.

Earlier in the month it announced annual pre-tax losses of £26.1m, compared with £9.1m the previous year.