| Addworth Plc appoints finance director |
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| Monday, 18 February 2008 | |
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Addworth Plc, the AIM ‘active capital investor’, has appointed Frans Timmermans as finance director with immediate effect.
Timmermans will replace Rob Painting, who has been acting in an interim role but will remain on the board and revert to his original role as non-executive director. Timmermans, 61, has been employed by Addworth as its financial controller since October 2006. He was born and educated in The Netherlands but has lived and worked in England since 1969. He started his career in accountancy with The Nestle Company in Croydon, later working for a number of different businesses in the London Area. Timmermans joined the Gallagher Group, a privately owned construction company in the Midlands as company accountant, in 1981. He returned to London to take up a similar position with fledgling international film distributor Glinwood Films in 1985. This company went through a period of rapid growth based on the success of multi Oscar winner, ‘The Last Emperor’. As director of finance, Timmermans was involved with both the international distribution and financing of the films Glinwood Films handled. Since the mid 1990s, he has run his own accounting business working with small and medium sized companies. He is also company secretary to a number of PLUS-quoted and AIM companies, many of which have been set up by Addworth. Timmermans was a director of Film Trustees Limited when the company was placed into creditor’s voluntary liquidation in July 1992. He was declared bankrupt in April 1994. Timmermans entered into an individual voluntary arrangement in August 1994 and his bankruptcy order was annulled. The individual voluntary arrangement was completed in August 1996. Addworth (LSE:ADW) chairman Mark Watson-Mitchell said that Timmermans had already proved to the board the skill sets he can bring to Addworth through his acting position as financial controller. The group, which gained admission to AIM on 3 February 2005, was formed primarily to act as an 'active capital investor'. The focus is upon the growth of capital value and the generation of fee income from establishing and funding newly quoted sector focused companies, acquiring and developing companies with growth potential and taking minority equity positions in undervalued smaller listed companies. Related links |
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