Nisa Retail, the leading UK independent retail buying consortium and distributor, has announced that Nick Read, chief executive since 2014 is to stand down with immediate effect. The board of Nisa is now engaged in a succession planning process to appoint a replacement.
Read (pictured) joined Nisa in December 2014, with a remit to stabilise the business following results showing an unexpected loss.
In July 2016, Nisa reported EBITDA of £7.3m, reversing the previous year’s loss, and marking the largest annual EBITDA swing in the company’s 40-year history. In 2017, EBITDA rose to £8.6m, with profit before tax of £2.8m, and Nisa secured an enlarged banking facility, with better terms, that reflected the progress made across all elements of the business.
Following the proposed acquisition of Booker by Tesco, Nisa received a number of expressions of interest, which has ultimately led to the board engaging in exclusive negotiations with The Co-Op.
Commenting on his departure, Read said, “My time at Nisa has been both challenging and eventful, and I am proud of our collective success in turning the business round. The return to profitable growth was key to creating the confidence that enabled a sustainable business model for the benefit of all Nisa members.”
Nisa chairman Peter Hartley added, “We are grateful to Nick for his leadership during a challenging period for Nisa and the wider convenience sector. Nick and his team have brought much needed stability to Nisa, and he will leave the business in a significantly improved financial position.”