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Current finance director Urvashi Parekh has resigned from the board with immediate effect after an extended absence on compassionate leave.

Smith, 54, is a chartered management accountant and fellow of the Association of Corporate Treasurers.

Following 22 years at The Rank Organisation, the last six years being as group treasurer, he has held various senior financial positions including finance director roles for a number of public and private companies.

Stephen Thomas, chairman of The Food & Drink Group plc (LSE:FWD), said Smith’s appointment was a significant further step in ensuring the company’s sound financial standing.

The AIM-listed Food and Drink Group operates 34 wine bars and bars in and around London. The bars trade under the Jamies Bars, Henry J Bean’s brand and a number of individually named units.

The company’s original strategy was to expand fine-dining experience in affluent neighbourhoods. In December 2000 it became apparent, however, that this format was not as successful as originally intended.

The board was consequently reorganised and a strategic review took place, and refocused the business towards a greater emphasis on the drinks led business.

The firm recently announced revised banking facilities with Barclays Bank plc providing an additional £2.5m of new funding.

Preliminary results for the year ended 29 September 2007, announced last week after a delay caused by Parekh’s absence, showed turnover up 2.4 per cent to £20.8 million, compared to £20.3m in 2006. Like-for-like sales were up 2.4 per cent across the group.

Related links

• The Food & Drink Group plc