Chorion poised for demerger with new director
Chorion, which owns the Tiger Tiger bar chain, has appointed Steven Palmer as finance director of both the group and its bar and nightclub business.
Mr Palmer will succeed Malcolm Gardner, currently the group's finance director, who does not want to take up a finance director role in either of the two parts of the group when it demerges.
The bar division, which owns 14 top bars in central London plus Tiger Tigers in other cities, is to be split into a separately quoted company.
The other part of the business, which will also become a separate company on the stock exchange, handles intellectual property. It owns the rights to Agatha Christie and Enid Blyton, including Noddy.
Following a short handover period, Mr Gardner will be leaving Chorion to pursue other business interests.
Mr Palmer, 41, was finance director of Cannons Group, the listed health and fitness company, from 1996 until the completion of the recent management buyout, in which he did not participate.
During his time at Cannons he was instrumental in the repositioning of the group from a multi-leisure conglomerate into a focused health and fitness business.
Prior to this, he spent two years as finance director of Scotts Hotels, holder of the master franchise for Marriott hotels in the UK.
Qualified as a chartered accountant, Mr Palmer will take up the position of group finance director on the Chorion board and will also be responsible for overseeing the finance function of the bar and nightclub division. He will become fnance director of the bar and nightclub business when the demerger is completed.
Chorion chairman John Conlan said: "We have previously stated that in order to maximise value for shareholders it is our clear intention to achieve separate listings for each of Chorion's businesses when the time is right.
"While this appointment does not in itself accelerate the timetable for demerger, it demonstrates our commitment to the process and to effective succession planning. The management infrastructure required for a successful demerger of our businesses is now in place.
"I am delighted that we have been able to attract such a well respected and experienced finance director as Steven to the Chorion board. His track record in the quoted sector is impressive and, together with his extensive leisure experience, will be of great benefit to the group for the future.
"Malcolm has served Chorion well in his time as group finance director and his contribution to the success of the group in its early years has been significant. Having spent four years with Chorion he now wishes to move on to new challenges.
"I am pleased that we have been able to plan for his departure and Steven's arrival in such an organised manner. On behalf of my board colleagues I would like to wish Malcolm every success with his future plans."
