TIDMFLO
RNS Number : 8906V
Flowtech Fluidpower PLC
12 April 2023
NEWS RELEASE
Issued on behalf of Flowtech
Fluidpower plc.
Wednesday, 12 April 2023
Immediate Release
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the
publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the
public domain.
FLOWTECH FLUIDPOWER PLC
("Flowtech", the "Group" or "the Company")
Specialist full-service supplier of technical fluid power
products and services
Directorate Change
Flowtech announces that Bryce Brooks has, after 13 years with
the business, taken the decision to step down as Chief Executive
Officer and leave the Company.
The Board announces that with immediate effect Mike England has
been appointed the Group CEO and joins the PLC Board. He has worked
within the FTSE100 and FTSE250 environment, most recently as Group
COO of RS Group plc. W e believe that this, coupled with Mike's
broad commercial experience, scale and knowledge will provide the
next phase of leadership and expertise for Flowtech to realise the
Group's ambitious plans over the coming years.
During April 2023 there will be a managed handover of Executive
duties to Mike, with Bryce, thereafter, remaining available to the
Group in an advisory capacity .
Commenting on the Directorate changes, Roger McDowell,
Non-Executive Chair of Flowtech, said:
"On behalf of all his colleagues the Board would like to
acknowledge and thank Bryce for his significant commitment, skill
and dedication to the business during his tenure with the Group.
Over this time, operating always with the highest integrity, Bryce
has successfully guided the Group through both exciting, and over
the past years challenging market conditions, to a point where the
potential for growth has been enhanced.
"I am also delighted to welcome Mike to the team as CEO; his
knowledge and skills will add to the breadth and depth of knowledge
across the business and the Board. We all look forward to working
with him as he leads Flowtech through its next stage of progress
and the many opportunities that lie ahead."
Commenting on his decision and the change, Bryce Brooks
said:
" I am very proud to have led a team that has helped make the
Group the success it is today which has set the business up to take
advantage of the many future prospects that are ahead. I have
enjoyed the last 13 years immensely. I thank all my colleagues
around the Group for their support and friendship over the years.
It is the right time for me to hand over the mantle so I welcome
Mike to Flowtech; I am encouraged that we have been able to attract
someone of his calibre and experience as it will bring the
commercial energy that the business now requires to exploit the
platform we have established, harness the potential of the strong
and experienced senior management team, and deliver future value
creation."
Commenting on his appointment, Mike England added:
"I am delighted to have been given the opportunity to accept a
CEO role and at this great Company which has a strong 40-year
history. I look forward to building on the success that Bryce and
the wider team have also already achieved. Flowtech provides a
robust product and services platform to deliver exciting market
share growth and further consolidation in what remains a highly
fragmented European industrial distribution and services market. I
am looking forward to the challenge of leading the next stage of
the Group's development as we look to focus on further enhancing
the customer experience, product offering and service proposition
so we can better serve the needs of customers, channel partners and
suppliers helping Industry to sustainably thrive."
Additional information regarding Mike England, pursuant to
paragraph (g) of Schedule Two of the AIM Rules for Companies, is
set out below.
MICHAEL JOHN ENGLAND
(AGED 49)
------------------------------------ ------------------------------------
Current directorships/partnerships: Previous directorships/partnerships
(last five years):
None Radionics Limited
RS Components Limited
RS Components A/S (Denmark)
RS Components A/S (Norway)
RS Components AB
RS Components Limited (South
Africa)
Children with Cancer UK
------------------------------------ ------------------------------------
As part of Mike England's incentivisation package, the
Remuneration Committee has resolved to make awards to him under a
new long-term incentive plan and a further announcement will be
made in due course.
Mike holds no ordinary shares in the Company. Except as
disclosed in this announcement, no other disclosures are required
under paragraph (g) of Schedule Two of the AIM Rules for
Companies.
ENQUIRIES :
-----------------------------------------------------
Flowtech Fluidpower plc
Roger McDowell, Chair
Tel: +44 (0) 1695 52759
Email: info@flowtechfluidpower.com
Liberum (Nominated adviser and Sole Broker)
Richard Lindley / Ben Cryer / Will King
Tel: +44 (0) 20 3100 2000
TooleyStreet Communications (IR and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523
or email : fiona@tooleystreet.com
Background editorial notes:
Bryce Brooks
Bryce joined the Group as CFO in 2010 and became CEO in 2018
during which time, he has led the organic and acquisitive growth
strategy establishing a leading position within the UK and Irish
markets and extending operations into Europe. Over the last three
years he has led and implemented the restructuring programme,
simplifying the business and bolstering digital capabilities to set
the business up for longer term growth .
Mike England
Mike brings over 25 years of industry experience to the
business; between 2015-2022 he has worked in senior roles for RS
Group plc and, as part of the senior management team focused on
firstly transforming RS Group's UK and Ireland region, before then
leading the strategy and growth of the EMEA region all of which
resulted in delivering excellent P&L growth for the business.
In 2020 he took up the role of Group Chief Operating Officer
managing the Group's P&L across the Americas, EMEA and APAC as
well as global functions including Marketing, Digital, Product,
Private Label, and Innovation. Prior to RS Group he held a number
of commercial and operational roles within the UK and Europe
including with Hagemeyer NV (trading now as Rexel) (1997-2005) and
Brammer (2005-2015) (trading now as Rubix).
ABOUT FLOWTECH FLUIDPOWER PLC
Founded as Flowtech in 1983, the Flowtech Fluidpower Group is a group
of specialist fluid power businesses. Working in partnership with customers
and suppliers, we deliver essential components, customer solutions and
high-quality servicing support to keep global industry moving. The business
joined the AIM market in 2014.
To read more about the Group please visit www.flowtechfluidpower.com .
Segment: What we do: Locations:
----------------- ------------------------------------------------ ----------------------------
Flowtech
Our focus
Supply of both hydraulic and pneumatic Flowtech
consumables, predominantly through (Skelmersdale, Leicester,
distribution for maintenance and Birmingham)
repair operations across all industry Flowtechnology Benelux
markets but supported by supply agreements (Deventer)
direct to a broad range of original
equipment manufacturers (OEMs)
Channels to market:
E-commerce websites, customer white
label e-commerce websites, 70,000+catalogues,
own and customer trade counters
----------------- ------------------------------------------------ ----------------------------
Fluidpower
Group Solutions Our focus Primary Fluid Power
Supply specialist technical hydraulic Components (Skelmersdale)
components & systems, predominantly Nelson Hi-Power
into OEMs and end-user channels to (Dublin, Cork, Dungannon)
all industry markets, supported by HTL
supply agreements with a broad range (Ludlow)
of manufacturer brands Hydroflex
(Brussels, Rotterdam
Channels to market: and OudBeijerland)
Engineering collaboration through Derek Lane & Co
sales offices providing national (Newton Abbot)
and local coverage. In 2022 enhanced HES Tractec
by new e-commerce capabilities (Gloucester)
----------------- ------------------------------------------------ ----------------------------
Fluidpower
Group Services Our focus
Bespoke design, manufacturing, commissioning, Primary Fluid Power
installation, and servicing of systems Systems
to manufacturers of specialised industrial (Knowsley)
and mobile hydraulic OEMs, and additionally Branch Hydraulic Systems
a wide range of industrial end users. (Gloucester)
Capital project-based revenue. HES Onsite
(Leeds, Gloucester)
Channels to market: Orange County
In-house design and build, combined (Spennymoor)
with on-site installation, servicing Hi Power Transport
and support (Dublin, Cork, Belfast)
----------------- ------------------------------------------------ ----------------------------
All the Group's divisions have overlapping product sets, allowing procurement
synergies to be maximised. The above segments are supported by centralised
back-office teams based at Skelmersdale and Wilmslow sites in the UK.
In total, the business employs 572 people. For more information please
visit, Our business | Flowtech Fluidpower plc
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