HSS Hire uncouples from CFO and deputy chairman after eventful year

HSS Hire's finance director and deputy chairman have both stepped down from their roles at the tool rental group after a less than smooth first year on the market.

As numbers man Steve Trowbridge pursues "new opportunities" after seven years with the company, the last of which saw HSS issue two profit warnings after a flotation last February, will first hand over his responsibilities to Steve Bailey, who has been hired as interim chief financial officer.

Bailey was most recently finance director for the Co-Operative Food Group, a position he held from 2011 to 2015, after equivalent roles at HJ Heinz Company Limited and Guoman & Thistle Hotels.

HSS, which also dabbled in merger talks with rival Speedy Hire in December, said a permanent CFO will be appointed in due course.

Neil Sachdev, non-executive deputy chairman, has also informed the board that he plans to leave after June's shareholder meeting due to what he said was increasing time commitments in other roles.

Chairman Alan Peterson said Trowbridge had made a "significant contribution" to the group, but hailed Bailey's "extensive business and operational experience".

At the company's final results earlier this month, directors said they expected the cost reduction programme implemented in the second half of last year to come through fully in 2016, alongside a reduction in capital expenditure after two strong years of fleet investment and the recent opening of a new national distribution and engineering centre.

First-quarter revenue was said to be ahead of last year's, with "more stable conditions" enjoyed the last quarter of 2015 continuing in the early months.

Shares in HSS, whose shares have tumbled from their 210p float price to below 50p last November, were up 2.2% to 81.75p just after 1100 BST on Wednesday.