New chairman set to invest £300,000 in Havelock Europa

A former director is to return to the Board of Havelock Europa with a vote of confidence for the company in the form a £300,000 investment.

The Fife-based interiors contractor has appointed Ian Godden as new non-executive director and chairman with effect from January 25, when existing chairman David MacLellan will retire.

A proposed new share issue was also announced to allow Mr Godden, who left the firm in 2006, to purchase £300,000 stake in the company. Along with his existing stake, Mr Godden’s investment would give him an additional seven per cent of the share capital of the firm.

Last month Havelock Europa announced it was to cut 25 jobs from its workforce in Kirkcaldy, just a year after 50 jobs were lost amid assurances that it would help secure the long-term viability of the company.

Mr MacLellan hoped Mr Godden’s arrival and investment commitment will be a point of change for Havelock.

Mr MacLellan said: “I am delighted to announce that Ian has agreed to become the new chairman of Havelock and his commitment to invest in the company, at what is hoped will be a point of change for Havelock. Ian has a good understanding of Havelock’s activities, having been a director of the company from 1995 to 2006, and a track record of helping businesses grow.”

Mr Godden carried out consultancy for Havelock in 1989 and was a nonexecutive director of the company from 1995 to 2006.

He supported its expansion into financial services and point-of-sale sectors and its acquisition of ESA McIntosh in 2002.

In five years as chairman of KBC Advanced Technologies he presided over a reorganisation which delivered an operational improvement.

He undertook a range of other consultancies and directorships, which currently include the US-based Bristow Group helicopter services company.

Havelock’s directors are holding a general meeting on January 25 to approve the issue of new ordinary shares to Mr Godden.