Two highly experienced non-executive directors have joined the board of Bath-headquartered spectacles designer and manufacture just over a month after its shares went into freefall when it warned of slowing sales.
Founder and CEO Robin Totterman has also moved to the role of executive chair while an existing non-executive takes over as CEO.
The warning over future sales at the end of October was accompanied by an announcement that its then chair, former Tesco boss and City grandee Lord MacLaurin, was quitting.
Within hours Inspecs’ shares had lost more than half their value, taking them to 50p – a far cry from their high of just under 395p achieved in January.
The firm, which was launched by former bond trader Mr Totterman in 1988, floated on the London Stock Exchange’s AIM market in February 2020, with its shares debuting at 193p.
Inspecs said the arrival of the two new non-executive directors Shaun Smith and Hugo Adams would strengthen its board and “assist in the delivery of the group’s strategic goals”.
Shaun Smith has extensive PLC experience, having previously held CFO roles with ceramic wall and floor tile manufacturer Norcros and kitchen appliance maker Aga Rangemaster Group, where he helped oversee the transformation of the business into an international brand-led manufacturer and retail group.
He has served as a non-executive director on public company boards since 2016, including as audit committee chair. He is currently a non-executive director of window and door manufacturer Epwin Group.
Hugo Adams has more than 25 years’ experience working for some of the biggest and best-known, global consumer brands including pioneering skincare producer and retailer The Body Shop and running marketing and international expansion at Wiltshire-headquartered household appliance innovator Dyson.
During nine years at Marks and Spencer Group he managed businesses across Europe and the Middle East, as well as being chief of staff to the CEO and subsequently property director.
He served on the executive board at Gloucestershire-based fashion brand Superdry, responsible for marketing and business development and most recently as CEO of children’s shoe brand Start-Rite.
Both Shaun and Hugo will serve on Inspecs’ audit & risk and remuneration and nomination committees while Hugo will also sit on its newly formed environmental, social and governance committee.
Meanwhile, Richard Peck, a non-executive director at Inspects since January 2020, has assumed the role of group CEO.
The firm said, with more than 35 years’ experience in the optical industry, he brought a wealth of knowledge to the role, having previously been managing director of Italian eyewear brand Luxottica’s Northern Europe retail arm and managing director of UK opticians chain David Clulow, part of Luxottica.
Inspecs said he would work closely with Robin Totterman, pictured, and its board “to develop the company’s global position as a leading player in eyewear solutions through its vertically integrated frame and lens capabilities”.
Based in Bath’s old Gas Light and Coke building on Upper Bristol Road, Inspecs produces a wide range of spectacle frames and lenses, including sunglasses and safety glasses.
Customers include global optical and non-optical retailers, global distributors and independent opticians, with its distribution network covering more than 80 countries and reaching around 70,000 outlets.
It has grown rapidly in recent years following a spate of acquisitions in the UK and overseas and now has offices in the UK, Portugal, Scandinavia, the US and China, including Hong Kong, Macau and Shenzhen, and factories in Vietnam, China, the UK and Italy.
Robin Totterman said: “I am delighted to welcome Shaun and Hugo to the board of Inspecs.
“Shaun has extensive PLC experience having held a variety of finance roles in international manufacturing and retail groups, whilst Hugo brings significant experience in the retail sector and a proven track record of delivering growth for purpose-led consumer brands.
”Today’s appointments come at an important time for the group as Richard simultaneously steps into the role of group CEO, and I assume the role of executive chair.
“The board is delighted that Richard has become CEO with his extensive business development skills gained at Luxottica and is confident he is the right person to lead Inspecs through the next stage of its growth.”
The trading update for nine months to 30 September 2022 that triggered the share price collapse said it was clear that Inspecs would not be “immune to the macro environment or the downturn in consumer confidence, particularly in Europe”.
It added that this was expected to impact the remainder of this year and into the first half of 2023.
It said in Europe, and particular in Germany – one of its biggest markets – both the macro-economic climate and consumer confidence had deteriorated sharply in just one month.
Inspecs shares were today trading up just over 1p on the day at 49.5p.
