CFO replaced at beleaguered IT services firm
BELEAGUERED IT services provider Redcentric has replaced its chief financial officer following the resignation of Tim Coleman after accounting misstatements were revealed.
Peter Brotherton, 49, an experienced CFO, will be taking over the reins from Monday 28 November.
Former CFO Mr Coleman was suspended and then resigned the day before it was announced that Redcentric’s accounts had overstated assets by “at least £10m” and that profits for previous years will need to be written down.
KPMG-trained Mr Brotherton is an experienced CFO with 25 years’ experience. His most recent roles were as chief financial officer of Gametech and the PKR Group.
He has been at several companies since making his CFO debut at Torch Communications in 1999, the longest stretch at York-based Varla UK, as well as a spell at KCOM in Hull.
From 2011 to 2014, Peter was CFO and then chief executive of Meucci Solutions NV, an international telecommunications and managed services business. He was a non-executive director at the time Dunnington Electrical Services Limited went into creditors’ voluntary liquidation in May 2011.
Chris Cole, chairman of Harrogate-based Redcentric, commented: “We are pleased to announce the appointment of a senior and experienced chief financial officer in Peter who is a strong addition to the team and will help us take the business forward.”
At the same time as the announcement this morning, technology-focused merchant bank MXC Capital resigned as a financial adviser to Redcentric.
It said it had demonstrated its support of the company by acquiring a meaningful equity stake to add to its existing holdings, currently holding 8,159,316 Redcentric shares and options and warrants over 8,692,988 Redcentric shares. This represents 10.5% of the diluted share capital of Redcentric.
