Breare steps down as Snoozebox boss after annual losses

SNOOZEBOX founder Robert Breare has stepped down as chief executive of the portable hotel specialist after it unveiled a “disappointing” full-year loss.

Robert Breare quit after Snoozebox reported losses. Picture: Contributed

Breare, who co-founded the Malmaison hotels chain and recently retired as chairman of fashion label Ted Baker, will remain as a director to focus on sales and business development at the firm.

Snoozebox, which uses converted shipping containers to create temporary hotels at events such as the Edinburgh festivals and the Silverstone grand prix, also said that finance director Chris Upton was standing down and will be succeeded by Lorcan O’Murchu.

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In addition, former Army logistics expert Gary Thomson, who joined as chief operating officer last year, has been promoted to the board.

Shares in the Aim-quoted company took a pounding earlier this week when it warned revenues would fall short of previous expectations and closed down 6.5p, or 12.1 per cent, at 47p yesterday as it posted a pre-tax loss of £4.4 million for 2012, up from £1.3m the previous year.

Chairman David Morrison, who will chair the executive committee following the management shake-up, said: “Whilst disappointing to be reporting a less than satisfactory result, there is undoubted momentum within the business and a strong pipeline for the current year. Our opportunity remains undiminished.”

Revenues leapt to £3.8m, from £35,000 in 2011, but Snoozebox said the figure missed its forecasts due to “uncertainties regarding the amount of revenue from Olympic-related contracts”.