Styles & Wood: all change at the top

Styles & Wood are back in the news. This time it is to say that there is a new chief executive at the helm – Ivan McKeever.

Only a few weeks ago news surfaced of a proposed management buy-out at S&W led by the top two, chief executive Neil Davies and chairman Gerard Quiligotti. Pitched at 125p a share. It valued the specialist fit-out group at £81m.

Then when Davies and Quiligotti pulled back, and at the same time S&W revealed that trading prospects looked far from rosy, shares dived 67% overnight, from 110p to just 40p.

Today came the Stock Exchange statement that Davies was to “stand down from executive duties” though he will “support Ivan in the transition into his new role as chief executive officer”

Quiligotti also moves across to a non-executive role, in his case he becomes non-executive chairman.

Unless suitable successors are found sooner, both will depart at the end of December.

Graham Clark will continue as finance director.