McKeever replaced as Styles & Wood CEO
SHOPFITTER Styles & Wood has announced that Bovis Lend Lease’s northern head, Tony Lenehan, is to replace Ivan McKeever as the firm’s new CEO in January.
McKeever was installed as CEO of Altrincham-based Styles & Wood two years ago after a bid to buy-out the firm by former chairman Gerald Quiligotti and chief executive Neil Davies failed, forcing the pair to resign.
Since then, McKeever has overseen a £45.7m refinancing deal which involved the company’s bankers, Royal Bank of Scotland, swap £5m of its debts in return for a 20% equity stake. A further £15m of loans were also replaced with convertible preference shares.
He also embarked on a rebranding of the firm to S&W.
In the six months to June 30 the firm reported a 46% drop in sales to £40.8m and a pre-tax loss of £900,000 but in a trading update on October 28 the company said that it expected to return to profit by the end of the year.
Styles & Wood chairman Jim Martin said; “I would like to thank Ivan, who has played an important role in the turnaround of fortunes for Styles & Wood, in particular leading the significant refinancing of the business in 2009 and putting it on the path to return to profitability in 2010. I wish him every success in the future.”
Martin also welcomed Lenehan to the company, citing his “significant experience in the construction sector”.
As well as being Bovis Lend Lease’s northern head, Lenehan had led its £500m-turnover defence sector team. Prior to joining Lend Lease, he was also managing director of Carillion’s building division.
McKeever said he had enjoyed the eight years he had spent with the company was was “proud of my role in turning the business around”.
“Now that that job has been completed, I think this is a fitting time for me to move on and pursue other business opportunities. I wish all the team at Styles & Wood the very best and am confident that the business will continue to go from strength to strength under its new leadership.”
Lenehan said: “I look forward to joining Styles & Wood. The company has a strong brand, a proud heritage, and is well positioned in its markets. I am privileged to lead the business through the next phase of its development as CEO.”
