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Apollo/Keepmoat merger update

Date added 17 Jan 2012

The following is a press release issued by Keepmoat, providing an update on the merger with Apollo and announcing the appointment of a new Chief Executive Officer for Keepmoat and of the merged business:

Ian Sutcliffe appointed as Chief Executive Officer.   Completion of Keepmoat and Apollo merger expected by early February

Keepmoat (“Keepmoat”) is pleased to announce that following the positive response from the Office of Fair Trading (OFT), the previously announced merger with Apollo Group (“Apollo”) has commenced with legal completion anticipated by early February. 

With the merger now effectively delivered, David Blunt, Chief Executive of Keepmoat, has decided to retire after 35 successful years with the business, where he has seen Keepmoat grow under his leadership to its current size.  He will remain in a non-executive capacity with the newly merged business to help ensure a smooth transition. 

Ian Sutcliffe has been appointed Chief Executive of Keepmoat and Chief Executive of the merged business with immediate effect.  Ian has extensive business experience of both the sector and merger integration, including previous roles as an Executive Director of SEGRO plc and Taylor Wimpey plc. He is also currently a non-executive Director of Ashtead Group plc. 

Tom Allison, Chairman of Keepmoat, commented: “I would like to thank David Blunt for the enormous contribution he has made to the development of Keepmoat over 35 years and am pleased he has decided to stay involved with the business in a non-executive capacity.  I am also delighted that Ian Sutcliffe has decided to join us for the next phase of our journey.  He is a well-rounded business professional with a wealth of experience in dealing with the market challenges we face and a tremendous track record of delivering results.” 

Ian Sutcliffe, Chief Executive, added: “I am greatly encouraged by the underlying strength and potential of this business.  This merger has brought together two companies with numerous complementary strengths and leading positions in their respective markets.  We have great people, excellent relationships with our customers and suppliers and the continued support of our bank and shareholders through a long-term financing package, all of which leaves us well positioned in the market and able to look to the future with confidence.”