Finance director suddenly quits Strix
Isle of Man headquartered kettle business Strix Group is looking for a new chief financial officer.
The AIM quoted design, manufacture and supply of kettle safety controls and other complementary water temperature management components has also agreed new debt ratios with its bankers.
Audres Wong
But the immediate departure of Raudres Wong, as chief financial officer has now triggered a scramble to find a replacement.
Her boots will be temporarily filled by non-executive director Mark Kirkland until a successful candidate is in place.
Kirkland has close ties to Strix’s broker Zeus and is a director of the activist investor business Kelso, formed by Zeus director John Goold, which is currently taking positions in two Manchester-based listed tech businesses, ecommerce retailer THG and cyber security specialist NCC Group.
He’s also worked in corporate finance with UBS and has been chief financial officer of numerous public companies and latterly led Delin Property, a pan-European logistics developer, investor and manager.
As well as a directorship at Kelso he’s also a director of AEW UK REIT Plc and is advisor to DP World.
Gary Lamb, chairman, said: “On behalf of the Board, I would like to thank Raudres for the contribution she has made to Strix Group in her time as CFO. Her leadership has supported us through the global challenges of Covid and the transition from a private to a global public company. We wish her well in her retirement.”
Raudres Wong, outgoing CFO, said: “I would like to thank the Board and the senior management team for their support in my time as CFO. I have every confidence in the future success of the business and I wish the team the very best for the future.”
Strix says it has also “proactively engaged and agreed with its banking syndicate” a leverage ratio covenant relaxation to 2.5x in September 2023 and will then revert to 2.25x as at December 2023.
The business has prioritised debt reduction and free cash flow generation with a clear plan to get net debt / EBITDA to below 1.5x over the medium term.
