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Derby Cycle Corp. Finally Reacts

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CLOPPENBURG, Germany (29 January) – After detailed reports about Derby Cycle Corporation’s financial situation were published in several international publications, Alan Finden-Crofts, executive chairman of the group, has reacted for the first time with a detailed press release. The release states, “There has been some bad publicity concerning the financial situation of the company, but […]

CLOPPENBURG, Germany (29 January) – After detailed reports about Derby Cycle Corporation’s financial situation were published in several international publications, Alan Finden-Crofts, executive chairman of the group, has reacted for the first time with a detailed press release. The release states, “There has been some bad publicity concerning the financial situation of the company, but I can assure everyone that the shareholders, directors and management are totally committed and confident of improving the profitability and success of the Group, and already action has been taken to reduce costs significantly and improve the efficiency of cash management.” An attached announcement gives more detailed and long-awaited official information on the changes within the top management. In addition to Gary Matthews, Derby Cycle’s former president and CEO, Dan Lynch, the group’s CFO, will also leave the company. While Matthews will officially leave by 30 June (with no continuing operational responsibilities in the meantime) Lynch will officially leave by 28 February. John Burdett joined the group for six months as CFO based in Nottingham, on contract from Executive Interim Management. Simon Goddard continues as Corporate Controller based in Nottingham. “It is our intention to appoint a new CFO in due course. “In order to ensure that the momentum for cost effectiveness from global sourcing activities is maintained, Mervyn Jones, based in Nottingham, will report as director of global sourcing to Alan Finden-Crofts, with Victor Sun, president of Derby Trading, and reporting directly to him. “In America Raleigh veteran Bill Austin “was appointed chairman and CEO of Derby-USA, with Tom Curran reporting to him as president of Raleigh/Diamondback-USA. Bill Austin will continue as president of the Diamondback Fitness Division and will also take over responsibility for Bikeshop.com with Carlos Tribino, the general manager, reporting to him. It is still the intention to appoint a new Group CEO in due course”, according to the Derby statement. (JB)

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