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Nisa chief executive Nick Read to step down

Nisa Retail has announced that its chief executive Nick Read has decided to step down from his position.

FOOD & DRINK

Nisa chief executive Nick Read to step down

Nisa Retail has announced that its chief executive Nick Read has decided to step down from his position.

Read joined Nisa in December 2014 during a time of instability for the business when it made an unexpected loss. In July 2016 Nisa reversed the previous year’s loss with an EBITDA of £7.3 million to mark the largest annual EBITDA swing in the company’s 40-year history. In 2017 Nisa's EBITDA rose to £8.6 million while pre-tax profit was £2.8 million.

In a statement Nisa said it is currently “engaged in a succession planning process”, the result of which will be announced in due course.

Peter Hartley, Nisa chairman, 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.”

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