Tandem Group CEO Jim Shears steps down
It has been announced this morning by The Tandem Group that Jim Shears has stepped down as the company’s Chief Executive Officer and will resign as a Director from May 6th.
Stephen Grant, the Company’s Non-Executive Chairman, will assume an interim executive role while the business begins the process of appointing a new CEO. No reason was given for Shears’ departure after 20 years with the business, nearly two of which have been at CEO level. Previously he was the Group’s Finance Director.
In the Tandem Group’s preliminary results for the year ended December 31st, 2021, The Tandem Group recorded a revenue increase of 10.4% to reach £40,917,000, with a gross profit increase of just over £1 million to reach £12,051,000. Operating profit was also up at £4,939,000 and earnings per share rose from 68.5p to 73.8p.
The business has weathered the Covid storm well, racking up substantial forward orders but ultimately has struggled with supply in line with demand as most in the trade have.
The Tandem Group is a diversified distributor operating across cycling, licensed children’s goods, eMobility, home and garden and other segments. It’s key brands for the cycling marketplace are kids’ label Squish, Dawes, Claud Butler, Falcon, Elswick and Townsend, among others.
