Cake company Inter Link moved to calm anxiety in the City this week, following the sudden resignation of chief executive Paul Griffiths.
Griffiths left immediately to focus on private and charitable interests, including the £7m restoration of Gorton Monastery in Manchester, which he hopes to turn into a venue for concerts and events.
The news came a week after Alternative Investment Market listed Inter Link revealed a private equity house had approached it with a bid to take it private (British Baker, 22 September, pg 12). Firms said to be interested include 3i, Hg Capital and LDC.
Non-executive director Jeremy Hamer told British Baker the management changes will not affect these discussions, which are expected to conclude in the next month.
He said: "It was a surprise to us when Paul decided that he wanted to spend time away from the business world. It is a big change, but Alwin Thompson, Inter Link’s executive chairman, has always been very hands on, and there will be continuity at the top."
Chris Thompson, previously finance director, has been appointed interim chief executive and may take the position permanently, Hamer said. The firm will also strengthen its senior finance team.
Hamer emphasised: "We have an executive chairman, the founder of the company who still runs the company to a very large degree."
Paul Griffiths, 53, was appointed as Inter Link chief executive in September 2003. He grew up in Gorton and served as an altar boy at the monastery. He had been thinking about leaving his £200,000-a-year post for some time, he said.