Guy Buswell leaves UK Mail
Guy Buswell, the Chief Executive of UK Mail, will be leaving the company with immediate effect. Buswell’s departure comes just a week after the company issued its second profit warning in three months.
In a statement issued this morning, UK Mail said that Buswell was leaving “by mutual agreement”, adding that the “search for his replacement has already commenced”.
Peter Kane, company founder and Non-Executive Chairman, has become the interim Executive Chairman with immediate effect.
The statement added: “The Board’s expectations for the current and the next financial year remain as set out in the Interim Results released on 18 November 2015.”
When UK Mail reported on its performance for the six months ended 30 September last week, the figures were not good and the company’s share price took a tumble. The group profit before tax (pre-exceptional items) was £4.9m – less than half the £11.2m posted for the same period in 2014. Post-exceptional profit was £2.2m, compared to £12.0m in 2014.
The company said that its performance was being affected by the transition to its new national parcel hub in Ryton, near Coventry.
