Tim Bonham resigns
Tim Bonham has resigned as chief executive of Nottingham brewer and retailer Hardys & Hansons at the same time as the company unveiled a profits drop.
The company was hit by higher minimum wage costs, utility costs and the five-yearly business rates revaluation - the latter will cost an extra £100,000 a year.
The licensing reform process had cost £350,000, higher than original company estimates of between £250,000 and £300,000.
New chief executive Jonathan Webster, previously director of retail, said extra trading hours were producing a 2% lift in turn- over, but extra costs of opening longer were expected to result in a 'profit-neutral' situation.
The company reported that its managed division had seen a 1.6% drop in like-for-like sales for the second half. It blamed 'increased competitive activity' and a 'slowing of consumer expenditure'.
Food sales strengthened despite these factors and accounted for 38% of sales in the same period, up 1%.
Hardys & Hansons is also planning to move to the Alternative Investment Market (AIM) after its annual general meeting in February next year.
Chairman James Kerr-Muir said: '(It) will enable the company to agree and execute transactions more quickly should any acquisition or other development opportunities arise in the future.'
Sales of the company's beer fell by 1% against a market decline of 5.6%.
Hardys is planning to withdraw from contract brewing operations where profitability is inadequate. Turnover rose by 7% to £81.5m, but profit before tax in the 52 weeks ended 30 September was £14.8m compared to £15.2m the year before.
A directors' valuation of the freehold and leasehold estate has indicated a £64.4m excess over book value to £181.5m.
