Abbeycrest names new finance chief

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JEWELLERY manufacturer Abbeycrest has appointed a new finance director.

The Leeds-based group, which is running out of working capital, said Mark Birchall, 43, is joining from his own consultancy company. He replaces Simon Lazenby, who is standing down at the end of the month.

A fellow of the Association of Chartered Certified Accountants and an MBA holder, Mr Birchall has provided finance and restructuring support since 2009.

Prior to that he was finance director of satellite firm Global Invacom for 10 years through a £30m growth period.

Abbeycrest executive chairman Simon Ashton said “I would like to thank Simon Lazenby for his valuable contribution to the company and welcome Mark to the board.”

Mr Lazenby had been restructuring Abbeycrest’s two main subsidiaries, Abbeycrest Thailand Ltd and Brown & Newirth Ltd, implementing local working capital funding models at each, initiatives now “largely complete”.

Abbeycrest successfully shrunk its cash requirements during its peak November period, but has said it may need to do so again in January.