Snoozebox chief executive joins Kestrel-inspired exodus

Shares in Snoozebox fell out of bed on Monday after chief executive Lorcán Ó Murchú followed his chairman in resigning from the portable accommodation company, which has delayed the release of its accounts as it conducts a review of the business.

Ó Murchú resigned from the board but has agreed to remain available to assist the company for six months.

Chris Errington, the former Gresham Computing boss and now head of research at the company's 26% shareholder Kestrel Partners, was appointed non-executive director in January.

At the end of February, chairman David Morrison stood down and Errington took on the role of executive chairman, although on a part-time basis.

Snoozebox was expected to post final results for calendar 2015 on 7 April, based on the timing of the release of its numbers last year, where it had said losses should come in at roughly £5m at the EBITDA level.

The company said on Monday that the board had begun a comprehensive review of the business just prior to receiving the CEO's resignation.

"The review is nearing completion and the initial findings will be published shortly," Snoozebox said.

Shares in the AIM-listed company, which were floated at 40p in 2012 and topped 72p the year after, tumbled to an all-time low of 1.025p on Monday morning.