SNOOZEBOX, the FTSE listed portable hotel chain, yesterday said it had parted company with founder and former chief executive Robert Breare, sending its share price tumbling further.
The troubled junior stock market listed outfit, which provides flatpack hotels for special events, said in a short statement that Breare had resigned with “immediate effect” but did not elaborate on the reasons.
Breare, a former chairman of fashion house Ted Baker, stepped down from his role as chief executive at the end of April after leading the firm to a £4.4m loss.
He remained on the board until yesterday, but demoted to a smaller role focusing on “sales and business development”.
Former finance director and now board member Chris Upton is also set to leave at the end of the month.
Shares crashed again yesterday on the news, down 10.38 per cent.
Breare has a strong heritage in the hotel industry, having been chief executive of Arcadian International – which included the Great Eastern and Malmaison hotels – and chairman of the Scotsman Hotel Group.
He helped take the company public in May 2012 – under the ticker ZZZ – in a £20.5m float. The company has seen its share price slide from 68p on 15 April down to 25p yesterday.
In a statement last week, the group admitted it needed a “more rigorous approach to management,” following the end of an internal review.