SUPERGLASS chief financial officer Allan Clow stood down today from the Stirling-based insulation maker for “personal reasons”.
Clow helped guide the Aim-quoted outfit through a £12.2 million fundraising deal in June, under which Clydesdale Bank converted some of the company’s debt into equity.
Investors had been warned that the firm would have fallen into administration if it had not completed the share issue.
The company, which is led by chief executive Alex McLeod and chairman John Colley, said: “The board would like to thank Allan for his valuable contribution to the business and his support in completing the successful capital restructuring earlier this year.
“The board wishes him well for the future.”
Clow will remain with the company until a departure date is agreed, while the hunt gets under way for his replacement.
News of his exit came as Declan Billington – a director at W&R Barnett, Superglass’s largest shareholder – was appointed to the board as a non-executive director. Billington is also boss of John Thompson & Sons, a retailer and manufacturer of animal feeds based in Northern Ireland.
In a brief trading update following its year-end, Superglass said that its cash position was “stronger than expected”.
Gross cash balances at 31 August stood at about £8m, while net cash balances were £5.5m, which the firm said was “comfortably ahead of expectations”.
The company warned that demand for insulation under the UK government’s Green Deal and Eco energy saving initiatives continued to be “very low”.