Director resigns from marketing firm Spaceandpeople

Matthew Bending silent on reason for board departure

A statement issued by the Glasgow-based company, which rents advertising space in shopping centres, said that Christopher Stainforth had left with effect from 23 July.

No reason was given for the departure of Stainforth, who joined the board of the company in 2009, but chief executive Matthew Bending said the board “wished him well with his many projects in the future”.

“The board would like to thank Christopher for his valuable insight and strategic involvement in the company over the past four years,” he added.

Bending highlighted Stainforth’s role in helping secure the acquisiton of Retail Profile in 2010. Retail Profile was one of the UK’s biggest operators of retail merchandising units, trading in 34 UK shopping centres. For the past two years, Stainforth has been paid a salary of only £25,000 but – according to the company’s latest annual report – he holds significant share options in the company, worth just under £750,000.

Before joining Spaceandpeople, chartered accountant Stainforth had previously worked for businesses including Schroders and had been chief executive of financial advisor Durlacher.

Spaceandpeople operates more than 600 sites in the UK, Germany, India and Russia and has carried out promotions for companies including fruit juice maker Del Monte, skin care brand Nivea and make-up producer Rimmel.

Last year, the firm sealed a deal with FTSE-100 property developer Capital Shopping Centres.

Shares in Spaceandpeople closed up 2p at 128.5p, valuing the company at around £19.5 million.