Appointment of Chief Financial Officer

RNS Number : 3765P

Various Eateries PLC

09 February 2023

 

VARIOUS EATERIES PLC

("Various Eateries" or "the Company"

and with its subsidiaries "the Group")

Appointment of Chief Financial Officer

Board Changes

Various Eateries PLC, the owner, developer and operator of all day club, restaurant and hotel sites in the United Kingdom , is pleased to announce that it will appoint Sharon Badelek to the Board of the Company as Chief Financial Officer ("CFO"), with effect from 1 April 2023.

In a career spanning more than 30 years, Sharon has held financial leadership positions at several high-profile leisure and hospitality businesses, including most recently the position of CFO of RedCat Pub Company ("RedCat"), an investment vehicle established in January 2021 to acquire freehold pubs. At RedCat, Sharon was instrumental in acquiring 110 pubs in a 12-month period.

Earlier in her career, Sharon was UK Finance Director and later Group Finance Director at Vue Entertainment. As part of the original executive team, Sharon played a leading role in several major acquisitions, with the rollout leading to an increase in EBITDA from £31 million to £110 million. After nine years at the business, Sharon was influential in selling the business for £950 million.

Sharon has also fulfilled the roles of CFO of Inspired Villages Group, a retirement village developer and operator; CFO and later CEO of Novus Leisure Limited, a London pub and nightclub operator; CFO of Westpoint Veterinary Group; Financial Controller and later Group Financial Controller at Holmes Place Health Clubs and Group Chief Accountant at Carlton Communications Plc. Sharon has been ACCA qualified since 1996.

Sharon will replace James Darwent, who has acted as CFO on an interim basis since 11 November 2022, and is an executive director of the Board. James will continue in his position as Interim CFO but will step down from the role, and as a director of the Company with effect from 1 April 2023.

Andy Bassadone, Executive Chairman of Various Eateries, said:

"Sharon has an impressive track record in scaling customer-centric businesses in our industry and I have no doubt the knowledge and experience she has built over several decades of good and bad markets will be of great benefit to Various Eateries as we pursue our growth ambitions. Sharon was the outstanding candidate for the role, and I am delighted to welcome her to the team.

"At the same time, I would like to thank James Darwent for the important role he has played at the Company over the past few months. He slotted in seamlessly at a crucial time for the business and, on behalf of the Board and everyone at Various Eateries, I wish him all the best."

Sharon Badelek, incoming CFO, said:

"With strong brands that resonate with the modern consumer, a highly experienced senior team and a clear strategy for expansion, Various Eateries has an exciting opportunity to grow into a leading name in UK hospitality. I look forward to working closely with Andy, Hugh and Yishay to help the Company fulfil its potential and create value for all stakeholders."

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies.

Sharon Michelle Badelek, aged 53, holds, or has during the last five years held, the following directorships and partnerships:

Current Directorships/Partnerships

Marley Consulting Services Limited

Past Directorships/Partnerships (in the last 5 years)

A3D2 Limited	Pie & Pint Pub Company
Austin Heath Management Ltd	RedCat Debt Company Limited
Bramshott Place Management Limited	RedCat Inns Limited
Cozy Pubs Limiteed	RedCat Leased Pubs Limited
Durrants Management Limited	RedCat PropCo Limited
Gifford Lea Management Ltd	RedCat Pub Company Limited
Great Alne Park Management Limited	RedCat Pub Company Services Limited
Inspired Villages Group	RedCat Pub Hotels Limited
Inspired Villages Group Limited	RedCat Pub Hotels Warwick Limited
J. and J. Smith (Hotels) Limited	RedCat Retail Pubs Limited
Little Britain Pub Company Ltd.	RedCat SubCo Limited
Millbrook Village Management Limited	RedCat Taverns Limited
Novus Leisure Group	Renaissance Villages Limited
Novus Leisure Limited	The Bull Inn - Barton Mills Ltd
Pastures Leisure Limited	The Coaching Inn Group Ltd
Pie & Pint Inns (The Castle) Limited	The Manor Hotel (Dorset) Limited
Pie & Pint Inns (The Cherry Tree) Limited	Zoo Bar Limited
Pie & Pint Inns Limited

Sharon Badelek does not hold any ordinary shares in Various Eateries PLC however, as part of her remuneration package, Sharon will be granted options over ordinary shares ("Options"). The precise number of options can only be calculated at the date of grant when the option exercise price is able to be calculated. The exercise price of the Options will be the average mid-market share price for the 5 dealing days prior to grant ("Exercise Price"). The number of options to be granted will be calculated by dividing £180,000 by the Exercise Price and, once granted, the Options will vest over a three-year period.

The Company will provide further details on the Options once they have been granted to Sharon upon her official appointment.

There is no further information to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules.

Enquiries

Various Eateries plc
Andy Bassadone	Executive Chairman	Via Alma PR
Yishay Malkov	Chief Executive Officer
James Darwent	Interim Chief Financial Officer
WH Ireland Limited	Broker and Nominated Adviser	Tel: [phone]
Broking Harry Ansell
Nominated Adviser Katy Mitchell / Megan Liddell
Alma PR	Financial PR	Tel: [phone]
David Ison		[e-mail]
Pippa Crabtree

About Various Eateries

Various Eateries owns, develops and operates restaurant, clubhouse and hotel sites in the United Kingdom. The Group's stated mission is "great people delivering unique experiences through continuous innovation".

The Group is led by a highly experienced senior team including Andy Bassadone (Executive Chairman), Hugh Osmond (Founder), Yishay Malkov (CEO) and Matt Fanthorpe (Chef Director, a non-board position).

The Group operates three core brands across 15 locations:

	· Coppa Club, a multi-use, all day concept that combines restaurant, terrace, café, lounge, bar and work spaces
	· Tavolino, a restaurant aiming to address a gap in the market for high-quality Italian food at mid-market prices
	· Noci, a modern, neighbourhood pasta-only concept which serves very high-quality dishes at reasonable prices

For more information, visit  www.variouseateries.co.uk

 

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