Four EG Solutions directors resign, Nigel Payne to be chairman

EG Solutions PLC said four of its board members have tendered their resignations including Non-Executive Chairman Duncan McIntyre and Chief Financial Officer Jonathan Kay alongside John Broughman and Mark Brady, who are both non-executive directors.

Jonathan Kay will stay at the business to assist with an “orderly transition” but the other three members have resigned with immediate effect. The company but did not provide any details concerning his replacement or any insight into why any of the board members were leaving the business.

The firm said that it expects to appoint Nigel Payne as its new chairman in the near future,who has chaired a number of London-listed companies, in due course once due diligence checks have been completed by its nominated adviser. Payne is currently the non-executive chairman of Gateley (Holdings) PLC and Stride Gaming PLC and is also a director of Gama Aviation PLC. Previously, he has held the role of chief executive at Sportingbet PLC.

“We are delighted that Nigel is intending to join us as our new chairman. Nigel will bring highly relevant experience in the technology and capital markets industries which will enable him to make an excellent contribution to the Board at an exciting time for the company. It is a vote of confidence that he intends to be a part of our team and we look forward to working with him,” said Elizabeth Gooch, chief executive of the company.

EG Solutions posted a fall in pretax profit to GBP9,000 in the financial year that ended on January 31, a steep drop from the GBP407,000 profit the year before despite reporting a small lift in revenue. Although profit declined, the company was pleased as it was expecting to turn to a loss.

However, the company said last week that trading in the first half of the current financial year was expected to be weaker than previously anticipated as contracts are being delayed and pushed back.