Vp finance chief leaves for new role

The Harrogate-based company said Mr Holt will leave on November 19 and the recruitment of a new group finance director is underway.

Jeremy Pilkington, the chairman of Vp, said: "On behalf of the board, I would like to thank Mike for his valuable contribution to the development of Vp over the last six years and we wish him well for the future in his new role."

Vp has said it is ready to meet a drop in public sector spending thanks to its strong balance sheet and diversified business.

In June, the group posted lower full-year profits, hit by continuing tough market conditions, and said it did not expect an imminent significant upturn in demand from the UK economy.

Vp, which comprises six divisions, said pre-tax profits fell 31 per cent to 14.3m in the year to the end of March.

Revenues fell 15 per cent to 134.2m. All divisions remained profitable.

Vp has shed eight per cent of its workforce over the year to leave it with 1,358 staff. Other cost measures included wage freezes, fleet reductions and a handful of depot closures.