Scottish insulation manufacturer Superglass has started the search for a new finance chief, following the shock departure of Allan Clow.
The firm said that Clow, who had only been in the role for about a year, was quitting due to personal reasons. It is understood that he will remain in his position until a new appointment is on the horizon.
Giving a trading update to the City, the firm said:
“A search process for a new chief finance officer is underway and, to ensure a smooth transition, Allan will continue to be employed on a full-time basis until his effective date of departure is confirmed.”
Clow’s resignation comes after a difficult time for the Stirling-based firm. As with many companies in Scotland, Superglass underwent a major refinancing plan recently.
The company decided to launch a share placing, raising £12.9 million in May this year. Many other businesses have taken similar action, and some have worked to reduce credit lines and increase their use of invoice discounting or factoring facilities.
However, the share issue is thought to have been a key component of Superglass’s deal in principle with its banking provider, which saw the firm remain solvent.
The trade update from the company also revealed that the year’s performance fell in line with forecasts, despite a volatile sales period through the summer and a depressed market.
However, with the colder weather starting to return to the UK, and further promotion of the government-led Green Deal initiative, the Superglass will be hoping to see demand increase.