Clintons launches Annual Report and loses Financial Director
Clintons Finance Director (FD) Paul Salador has stepped down at greeting
card retailer Clinton Cards with a replacement waiting in the wings.
The announcement followed the release of the company's Annual Report a day earlier.
Salador had been with Clintons for over 15 years. He joined from Royle Printing where he was Group Financial Accountant, and has held the role of FD at the retailer since 2009. His resignation will take immediate effect, with Martin Clifford-King taking over from him on an interim basis from January next year.
Clinton Cards said in a statement: “The board of Clinton Cards, the UK’s largest specialist retailer of greetings cards, announces that Paul Salador has resigned as Group Finance Director of Clinton Cards and from the group’s board of directors with immediate effect.
“The board thanks Mr Salador for his valuable contribution to the company, in particular his role in ensuring the recent successful renegotiation of the company’s banking facilities.”
Since 2008, Clifford-King has held interim FD or Chief Financial Officer roles at Hobbycraft, Whistles and Costa Coffee, and before this he held similar positions with MFI, Harveys Furnishing and Debenhams.
Clintons statement added: “Martin Clifford-King is joining the company on January 3rd 2012 as interim Finance Director and has extensive experience as Finance Director or interim Finance Director of both listed and unlisted retail companies.”
Clintons has had a difficult year facing plummeting sales which saw the retailer lose £10.7 million in the year ending July 31st 2011, so the new the executive will have a great challenge ahead.
Chairman Don Lewin, OBE admitted in his annual report statement: “Clinton Cards has come through a challenging year, a period in which a number of iconic retailers have suffered and struggled against ongoing economic uncertainty. I am therefore pleased to report that the Group has agreed an extension to the revolving credit facility with its joint lenders until July 2013.
“My main focus will be to continue to work with the Board to transform the business so that the foundations are established for realising commercial success, enabling Clintons to prosper in a rapidly changing retail landscape.”
Clinton Cards will be hosting the company's annual general meeting on 5 January 2012 at 10.30am at the registered office in Loughton, Essex.