Ashmore new HSS Hire chief executive
HSS Hire has appointed a new chief executive after John Gill announced his resignation from the loss-making tool supplier firm last month.
Steve Ashmore will take up the position on June 1 – having stepped down as a director of industrial maintenance company Brammer back in October – though his predecessor Mr Gill will leave HSS Hire this week after eight years at the firm.
Mr Ashmore has held a number of senior roles at supply chain and logistics firm Exel, and previously served as the UK managing director of Plumb Center owner Wolseley.
The chairman, Welshman Alan Peterson, said: “I am delighted that Steve is joining HSS as chief executive officer. He has highly relevant experience and a track record of delivering results.
“The board and I look forward to working with Steve as we leverage the new operating model to drive sales growth through our market leading distribution network.
“Once again, I would like to thank John for his hard work through his eight years at HSS and wish him every success in the future.”
The leadership change follows worsening losses at HSS Hire, despite continued efforts to return the business to firmer financial ground.
Last month, the company revealed a reported pre-tax loss of £17.4 million for the year ending in December 2016, compared to a loss of £13.8 million for 2015.
However, revenues grew by 9% to £342.4 million thanks to a “strong performance from key account customers”.
HSS has made a string of profit warnings and embarked on a management overhaul since floating on the London Stock Exchange in 2015.
HSS Hire shares were down 0.5% following the news.