Directorate Change

Michelmersh Brick Holdings PLC

26 May 2023

 

26 May 2023

Michelmersh Brick Holdings Plc

("MBH", the "Company" or the "Group")

Directorate Change

Michelmersh Brick Holdings PLC (AIM: MBH), the specialist brick manufacturer, announces that Frank Hanna, Joint Chief Executive Officer ("JCEO"), has informed the Board of his decision to leave the Company in May 2024 to take up the role of Chief Executive Officer ("CEO") of Brickability Group plc.

Since joining the Board as JCEO, alongside Peter Sharp in January 2016, the Group has experienced a significant period of success through both organic growth and value enhancing acquisitions. This has expanded the Group's annual brick output from 70 million to over 122 million alongside broadening the portfolio to include brick fabricated products and entering the European market with Floren. Frank joined Freshfield Lane Brickworks in 1991 where he was a shareholder and director before it was acquired by MBH in 2010. Since their appointments as JCEO, Peter and Frank have built a strong leadership team through the Associate Directors sub-board, which manages the Group's commercial and production operations nationally and has underpinned a strong financial performance over the last eight years.     

Frank will work his twelve months' contractual notice and leave the Group in May 2024. Following Frank's departure, Peter will become the sole CEO of the Group. In partnership with Frank, Peter has been integral to the success of the Group and this continuity of leadership leaves the Company well placed to continue delivering on its strategic priorities.  

The Company has made a robust start to 2023, and combined with a balanced forward order book, remains on track to meet the full-year expectations for FY23.

MBH will report its interim results on 6 September 2023.

Peter Sharp, JCEO, commented:

"Frank has been an excellent JCEO of Michelmersh and a highly valued colleague and member of the Board. Together, we have taken Michelmersh on a significant transformation journey since 2016 and he will be leaving with our sincere thanks for his immense contribution to building a business with strong fundamentals, underpinned by the longevity and depth of our customer relationships, on whom together we have always focused on delivering an excellent service and product."

Frank Hanna, JCEO, commented:

"It has been an honour to act as JCEO of Michelmersh, a company with a unique and proud focus on being Britain's brick specialists. I am incredibly grateful to all our staff for their support and dedication since I joined the Group in 2010 and as the JCEO from the start of 2016 and prior to that through my association with Freshfield Lane right back to 1991, it has been a wonderful journey and I am confident that when I leave next year, the business will be in a strong position to continue to deliver against our strategy."    

The information contained within this announcement is deemed to constitute inside information as stipulated under the UK Market Abuse Regulations. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information, please contact:

Michelmersh Brick Holdings Plc Peter Sharp, Joint Chief Executive Officer Ryan Mahoney, Chief Financial Officer	Tel: [phone]
Canaccord Genuity Limited (NOMAD and Joint Broker) Max Hartley Bobbie Hilliam Harry Pardoe	Tel: [phone]
Berenberg (Joint Broker) Richard Bootle Detlir Elizi Yasmina Benchekroun	Tel: [phone]
Yellow Jersey PR Charles Goodwin Annabelle Wills	Tel: [phone] Tel: [phone]

About Michelmersh Brick Holdings PLC:

Michelmersh Brick Holdings PLC is a business with seven market leading brands: Blockleys, Carlton, FabSpeed, Freshfield Lane, Michelmersh, Floren.be and Hathern Terra Cotta. These divisions operate within a fully integrated business, combining the production of premium, precision-made bricks, pavers, special shaped bricks, bespoke Terra Cotta products and prefabricated brick components. The Group also includes a landfill operator, New Acres Limited, and seeks to develop future landfill and development opportunities on ancillary land assets.

Established in 1997, the Company has grown through acquisition and organic growth into a profitable and asset rich business, producing over 122 million clay bricks and pavers per annum. Michelmersh currently owns most of the UK's premium manufacturing brick brands and is a leading specification brick and clay paving manufacturer.

Michelmersh strives to be a well invested, long term, sustainable, environmentally responsible business. Opportunity, training and security for all employees, whilst meeting the needs of stakeholders are at the forefront of everything we do. We aim to lead the way in producing some of Britain's premium clay products and enhancing our environment by adding value to the architectural landscape for generations to come.

We are Michelmersh Brick Holdings PLC: we are "Britain's Brick Specialist".

Please visit the Group's websites at: www.mbhplc.co.uk and www.bimbricks.com

 

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