Portmeirion chief executive departs after 20 years

The long-standing chief executive of Portmeirion has retired after leading the homewares group for 20 years.

Lawrence Bryan has been with the Staffordshire business for 25 years and will continue his association as a non-executive director of the stock market-listed company.

Mike Raybould, Portmeirion

Bryan said he was stepping down “with no small degree of sadness”.

He added: “The group is now a well-diversified company with a bright future and I look forward to seeing it grow under the extremely capable and energetic guidance of Mike Raybould.”

In a statement to the stock market, Portmeirion said Raybould “has made a significant impact on our strategy and business” since he joined.

Portmeirion’s brands include Wax Lyrical and Royal Worcester and last year it achieved £90m sales and profits of nearly £10m. It was the group’s tenth consecutive year of growth.

Chairman Dick Steele said: “I struggle to find words that are adequate to describe the huge contribution that Lawrence has made to the group.

“Without his leadership, commercial expertise, commitment and perspicacity the group would not be the force that it is in homewares today.”

Its share price increased 10-fold between 2009 and 2016. More recently, a profit warning in May took 25% off its share price, which has lost a little more ground in the months since, but the company’s market value remains around £90m.

This morning it said “demand for key seasonal lines…is in line with our expectations” as it enters the critical part of the year for the business.