Mothercare hires Argos finance boss to help with turnaround

 
City A.M. Reporter
MOTHERCARE has hired the finance director of Argos to help the struggling retailer with its transformation plans.

Matt Smith, a former KPMG director who has spent 10 years at Argos parent firm Home Retail Group, will join the firm at a date yet to be announced.

Mothercare has stepped up its fight to halt declining sales by taking on Lovefilm boss Simon Calver as its new chief executive in April.

He has pledged to be “ruthless” on costs – a tough stance that delivered a 0.3 per cent rise in like-for-like sales in the three months to 13 October.

Chairman Alan Parker said yesterday: “I am extremely pleased that we have found someone with the skills and leadership qualities to support Simon and the other members of the executive management team.”

Shares in Mothercare, which have gained around 70 per cent since Calver’s appointment, closed 2.3 per cent lower at 292p yesterday.