The chief financial officer at listed North East furniture retailer ScS has announced he is stepping down within the next 12 months.
Chris Muir, who began his role at the Sunderland-based business in April 2016, will remain in the business while a successor is sought and appointed, facilitating what the company called a smooth handover. Mr Muir previously worked for another North East plc, vehicle hire business, Redde Northgate, for 12 years including a stint as acting CEO.
The 47-year-old succeeded former chief financial officer Ron Turnbull and has helped steer ScS through several years of market volatility and consumer confidence fluctuation. A message to investors this morning said Mr Muir had informed the board of his intention to step down from his current role.
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Announcement of the move comes not long after ScS described itself as resilient in the face of a challenging market, and highlighted there had been an uptick in orders in recent weeks. And in September the firm warned of subdued consumer confidence amid the cost-of-living challenges faced by many households.
Despite the headwinds, the 98-store retailer posted revenues of £331.6m in the year to the end of July - an 8.6% increase on 2021. Underlying operating profit excluding business rates relief had also risen by £5.3m to £17.6m.
A short statement on the London Stock Exchange revealed Mr Muir's coming move. It said: "ScS, one of the UK's largest retailers of upholstered furniture and floorings, announces that Chris Muir has notified the board of his intention to step down as chief financial officer. The process to identify a successor will commence immediately.
"Chris has a 12 month notice period and will remain with the business while a successor is identified and to facilitate a smooth handover. A further announcement in this respect will be made in due course."
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