Safestay chief exec Philip Houghton to step down

Safestay’s chief executive Philip Houghton will step down from his role on 31 December.

The company, which owns and operates a new brand of contemporary hostel, also announced the non-board appointment of Nuno Sacramento – currently head of customer operations at Carillion – as chief operating officer from 1 February 2017.

Executive chairman Larry Lipman will manage the business in the short transition period and from February 2017 will support Sacramento in running the company.

Lipman said: “Firstly, on behalf of myself and the board I would like to thank Phil for the last two years and wish him the best for the future. I would also like to welcome Nuno to the company who has worked in senior roles across the industry and has strong F&B experience which is a key focus for us in 2017 as we build on the revenue increases we have made.

“We expect Nuno to be a central part of the team straight away, with the view that he will join the board in due course and we are looking forward to working alongside him."

At 1250 GMT, Safestay shares were down 1.1% to 42p.