Sportech announces exit of non-executive chair Vardey

Sportech announces exit of non-executive chair Vardey

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Sportech announces exit of non-executive chair Vardey

Sportech revealed that on April 14 Giles Vardey will withdraw from non-executive chair.

Sportech and Vardey have been working together from 2017. At first, he was a non-executive director, then during July 2019 he became non-executive chairman. He led a number of changes, including the removal of a number of divisions and the reduction of the overall size of the business.

Sportech also told that taking into account the declined business G. Vardey realized that it was high time to leave.

Vardey told:

“I am much honored that I have worked for Sportech all these 5 years. We have transformed the business by creating a more reliable platform and a reliable balance sheet for the future achievement of the board’s strategic goals.” 

“I am grateful to Giles for all for the energy and passion he has brought to the role as chairman. He has led the group at the time of the latest changes and over the time of the pandemic,” said Sportech CEO Andrew Lindley.”

Sportech’s present non-executive director Richard McGuire will take on the role of new chairman. Non-executive director Clive Whiley became the senior independent director.

McGuire said:

“Giles used all his 35 years of business experience to his job and efficiently worked for Sportech all these years. I await cooperating with Sportech Board, a bigger team and keep on with the main strategic initiative to generate better income for shareholders.” 

Sportech sold a number of assets in 2021 as part of its broader reduction plan, Bump 50:50 that Sportech made the decision to sell to Canadian Banknote at the winter of 2021 and the Global Tote which was purchased by Betmakers during summer of 2021.

Sportech transferred the shares from the London Stock Exchange and moved to Alternative Investment Market, hence CEO Richard McGuire and CFO Tom Hearne withdrew from the positions because of the decline in business. 

Last month Sportech announced an income of 22.9 million pounds, the business generates a profit of 34.5 million pounds from the sale of some units.

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