Franchise Brands names Peter Molloy as Group CEO

LONDON - Franchise Brands plc has appointed Peter Molloy, previously CEO of the Water & Waste Services division, as the new Group CEO and a Director on the company's Board, effective immediately. The move comes as the company experiences significant growth, with annualized system sales reaching approximately £400m following the acquisitions of Filta and Pirtek.

Molloy, who has been with the company since 2017, will oversee the day-to-day operations of Franchise Brands' four principal divisions and shared central services. His appointment is part of a strategic initiative to enhance corporate governance and leadership structure, aligning with the company's ambitious expansion goals.

Executive Chairman Stephen Hemsley will continue to guide the strategic and corporate development of the company, focusing on finance and future acquisitions. Hemsley expressed confidence in Molloy's commercial acumen and leadership abilities, emphasizing his key role in the growth of Metro Rod and the successful integration of the Water & Waste Services division.

Molloy, celebrating the promotion, highlighted the untapped potential of the company's principal franchise brands and the importance of accelerating integration efforts. He emphasized the goal of leveraging the company's small market share in large, fragmented industries and enhancing service range and geographical reach.

In light of the company's scale and growth plans, the Board is contemplating a move from the AIM market to the Official List and Main Market of the London Stock Exchange. This strategic consideration is in its early stages, and further announcements will be made as appropriate.

Peter John Molloy, aged 63, brings extensive experience to his new role as Group CEO. The company has stated that there are no additional details requiring disclosure under the AIM Rules. This leadership transition marks a pivotal step for Franchise Brands as it continues to pursue its growth trajectory. The information in this article is based on a press release statement.

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Source: Investing.com