Nisa CEO Nick Read has announced that he is stepping down from the business just days before retailers are due to find out full details of the Co-op’s buyout offer.
A source told Retail Express that Read’s decision to depart from the company was made yesterday after two and a half years with the business. The source said: “[Read] made a lot of changes in two and a half years and it wasn’t for the good.”
The decision by Read comes after mounting pressure from Nisa retailers regarding the business’ performance.
In July 2016, Nisa reported EBITDA of £7.3m, reversing the previous year’s loss, and marking the largest annual EBITDA swing in the company’s 40-year history. Despite returning Nisa to profit, retailers told Retail Express they felt the executive strategy had left the brand isolated and unable to compete on prices.
Read said: “My time at Nisa has been both challenging and eventful, and I am proud of our collective success in turning the business round. The return to profitable growth was key to creating the confidence that enabled a sustainable business model for the benefit of all Nisa members. I am grateful for all the support I have received from colleagues and members.”
Nisa chairman Peter Hartley 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.”
At the end of August, the Co-op was granted an exclusive period to make an offer for Nisa. Shortly after the announcement, Retail Express saw leaked documents that outlined what would be in store for retailers as part of a deal with the Co-op. It is believed that the Co-op will come forward with its full offer early next week.
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