LONDON (ShareCast) - (Sharecast News) - Franchise Brands announced the appointment of Andrew Mallows as its permanent chief financial officer on Thursday, following a six-month search process.
The AIM-traded firm said Mallows, who had been with the company for eight years and previously served as interim CFO and commercial director, would take on an expanded role combining both functions.

It said it had also created a new position of group finance director, appointing Beth Peace, currently finance director of the water and waste services division.

The appointments came as Franchise Brands was implementing its 'One Franchise Brands' initiative, launched by CEO Peter Molloy to integrate the business, drive sales growth, improve efficiency, and reduce debt.

It said it believed that an enhanced finance team would provide the necessary commercial and financial support to accelerate the strategy.

Chief operating officer Mark Boxall would continue overseeing integration efforts, with a near-term focus on rolling out common IT systems across the group.

The finance team would also be supported by recently-appointed independent non-executive director and audit committee chair Louise George, who the board said would bring extensive board-level experience in AIM-listed and franchised businesses.

"I am delighted that Andrew has accepted the role of CFO on a permanent basis and with Beth's appointment as group finance director," said executive chairman Stephen Hemsley.

"Andrew and Beth are a proven team who have worked with Peter for many years and supported each other through periods of rapid growth and the more challenging Covid years.

"I am, therefore, confident that they will provide the group with excellent financial leadership and that, in combination with Peter and Mark, we have a strong team to execute our near-term strategy of integrating the group into one business to enhance sales, increase operational efficiency and reduce debt."

At 1010 GMT, shares in Franchise Brands were up 1.01% at 150p.

Reporting by Josh White for Sharecast.com.

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