Vimto firm Nichols in big board changes

Merseyside-based Vimto and soft drinks firm Nichols plc has announced changes to its board.

Richard Newman will join the board as a director with effect from January 29, 2024, before becoming chief financial officer (CFO) and company secretary in March 2024 following the publication of the group’s results for the year to December 31, 2023.

David Taylor, currently acting as interim CFO and company secretary, will step down from the board at the same time in March.

“Richard brings extensive and relevant UK public company financial experience having held a number of senior plc roles and most recently, between 2021 and 2023, as CFO at AIM-listed Accrol Group Holdings Plc,” said Nichols.

“Richard joined Cadbury plc in 1996 progressing to Finance and IT Director for Ireland and then Group Financial Controller.

“After 15 years with Cadbury, he took a new role as Divisional Finance Director at National Express Group plc before joining DS Smith plc in 2015 as UK Finance Director for Packaging.

“Richard is a member of the Institute of Chartered Accountants in England and Wales, having qualified with PwC in 1993.”

The company also said that after 18 years with Nichols, both in executive positions and as a non-executive director, James Nichols has decided “to pursue a fresh challenge” and will leave the board and the business with effect from October 24, 2023.

The firm said: “It is expected that a new representative of the Nichols family will be appointed as a non-executive director in due course, pursuant to the terms of the Relationship Agreement between Nichols plc and the Nichols family which entitles the family to two non-executive board positions (assuming an aggregate of interest by the Nichols family of equal to or greater than 30 per cent of the issued ordinary share capital of the company).”

Nichols non-executive chair Liz McMeikan said: “On behalf of the board I would like to thank James for his significant contribution over the past 18 years and we wish him well and every success for the future.

“Following a thorough search process, we are delighted that Richard will be joining the business and the board next year.

“Richard brings a wealth of highly relevant experience to the group and I have every confidence that he will make a substantial contribution to the group’s continued development and growth.”