Ingredients group announces appointment of new director

Real Good Food, the Toxteth-based food ingredients group, has appointed Paul Richardson to the role of executive director with immediate effect.

The group, which is recovering from a turbulent trading period, said Mr Richardson has more than 20 years of experience in regulated businesses in financial services, predominately in the UK private banking sector having spent six years at the Queen’s bank, Coutts & Co, ultimately as head of London Private Banking, and then at Barclays Wealth, where he served as a director.

He is currently non-executive chairman at Salford Quays-based independent financial adviser Frenkel Topping Group having started there in 2017 as executive chairman, where, alongside the management team, he developed and implemented the strategy and culture for growing the business.

Having achieved this, he stepped back to the role of non-executive chairman. Mr Richardson is an admitted solicitor and is also currently a Trustee of WellChild.

His experience in both the commercial and charitable sectors means he brings expertise in culture, strategy implementation, governance and compliance, which will complement the strategic and operational focus of the managing directors of the group’s Brighter Foods and Renshaw businesses.

A company statement today said: “The managing directors of Brighter Foods and Renshaw will continue to implement the strategy of their respective independent divisions, agreed by, and reporting to, the board of the company as a whole.

“Paul’s role will primarily focus on all Plc-related matters, such as corporate governance and investor relations together with providing support to the board and the divisional managing directors as the two businesses implement their respective growth strategies.”

As a result of today’s appointment, Mike Holt returns to being a non-executive chairman.

Real Good Food also reiterated its commitment to appoint an additional independent non-executive director to further strengthen the board, the search for which is at an advanced stage. A further announcement will be made in due course.

Mike Holt said: “We are delighted that Paul has agreed to join the board of Real Good Food.

“Paul’s skills and experience will further strengthen the management and supervision within the group and should demonstrate the current board’s commitment to stronger corporate governance and value accretion for all of our shareholders.”

Last month, at the group’s annual general meeting in London, Mr Holt told shareholders that Real Good Food was now in recovery mode, saying: “The board believes that the group is well positioned to make further progress, improving operating profit significantly this year.

“The issues of recent years have largely been resolved.

“Shareholder debt remains high, reflecting the historic issues of the group, but has now stabilised, and has been modestly reduced in recent months.

“The group will continue to seek to repay shareholder loans as soon as cash flow-backed lending becomes available from commercial sources.”