Belgravium chairman to step down after £400,000 share sale

THE chairman of software firm Belgravium Technologies has stepped down after selling 80% of his stake in the company.

John Kembery sold 7.5m shares worth £393,750 in the Bradford-based business, which supplies and manages a range of mobile computing services with a focus on the logistics, transportation and mobile retailing sectors.

Following the sale 75-year-old Mr Kembery, who has been executive chairman since 1997, will leave the board with immediate effect. He and his wife now hold 1,711,269 shares representing 1.7% of the company’s issued share capital.

Non-executive director Ian Martin will become executive chairman after investing £160,000 in 3.05m shares to take a 3.0% stake. Chris Phillips will also leave the board once a replacement independent non-executive director is appointed.

Mr Martin said: “On behalf of the Company I would like to thank John and Chris for their significant contribution to the company over the years and wish them the very best for the future”.

Earlier this year, the company announced that 2014 was a “much improved year with increased revenue and profits” enhanced by the first full year contribution from Feedback Data, the workforce management firm it acquired in 2013.

It reported revenues for the year to December of £9.4m compared to £8.4m in 2013, while profit after tax was £509,000 compared to £219,000 in the previous year.

Exceptional costs of £27,000 were incurred relating to the acquisition of Access Fire & Security, which was completed in December.