Nick Read, chief executive officer of Nisa Retail Limited (“Nisa”) has announced he is stepping down as CEO, ahead of an expected formal takeover offer from the Co-op.
He said his time in the role had been “challenging and eventful”.
Nisa says its board has now engaged in a “succession planning process, the result of which will be announced in due course”.
Nick joined Nisa in December 2014, at a very challenging time for the business, with a remit to stabilise and set out a future strategic direction for the company and its members.
At the time of his appointment Nisa announced an unexpected loss and there was a degree of instability in the business. Nick appointed Robin Brown as CFO in May 2015, and had to act quickly to implement a number of tough measures, allowing the business to successfully regain the confidence of its stakeholders.
In July 2016 Nisa reported Earnings before interest, tax, depreciation and amortization (EBITDA) of £7.3m, reversing the previous year’s loss, and marking the largest annual EBITDA swing in the company’s 40-year history. The turnaround included the payment of all member rebates and a 12% reduction in central overheads.
In 2017 EBITDA rose to £8.6m, with profit before tax of £2.8m, and Nisa secured an enlarged banking facility, with better terms. Following the proposed acquisition of Booker by Tesco, Nisa received a number of expressions of interest, which ultimately led to the board engaging in exclusive negotiations with the Co-Op.
Nisa chairman Peter Hartley said: “We are grateful to Nick for his leadership during a challenging period for Nisa and the wider convenience sector. Nick and his team have brought much needed stability to Nisa, and he will leave the business in a significantly improved financial position.”
Nick Read said: “My time at Nisa has been both challenging and eventful, and I am proud of our collective success in turning the business round. The return to profitable growth was key to creating the confidence that enabled a sustainable business model for the benefit of all Nisa members. I am grateful for all the support I have received from colleagues and Members.”
