Bob Holt has taken over as chief executive of water, fire and pest control compliance services provider Green Compliance.
The board has decided to replace John Prowse, who has been chief executive for three years and built up the business via acquisitions, with the Mears chairman so that he can recapitalise the balance sheet.
Green Compliance is in discussion with HSBC about the structure of its bank facilities. At 2.75p a share, Green Compliance is valued at £1m. Any share issue is likely to be highly dilutive.
Net debt edged ahead to £9.43m in the six months to September 2012. That includes £7.4m from the £7.5m HSBC revolving credit facility. There is also a £1.75m overdraft facility. There is additional potential deferred consideration of up to £1.07m.
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