Shares in SFI Group fell almost 10% on Friday after the news that the company's finance director, James Kowszun, was leaving to join the restaurant company Hartford Group.
The City was also upset that SFI is replacing its stockbroker for the second time in less than two years, and the company's boss, Tony Hill, is to lose overall executive responsibility to a new chief executive.
However, SFI's supporters have rallied round, pointing out that Kowszun, 33, who joined SFI with its purchase of Slug & Lettuce, is to become chief executive of Hartford Group, now being run by Sheila McKenzie, Slug's former managing director.
Hartford, where Stephen Thomas, chief executive of Luminar Leisure, is chairman after a personal investment said to be around £500,000, was "an opportunity which Kowszun could not pass up," according to informed sources.
SFI is looking for a chief executive too, but informed sources say Kowszun was not in the running. Headhunters Whitehead Mann have whittled down the number of candidates, both internal and external, to a shortlist and the company is said to be "very close" to naming the winner.
Hill, who is currently executive chairman at SFI, was 65 last week and has told contacts in the City he reckons he just cannot now put in the hours the job needs, which is why the new chief executive "will take overall executive responsibility for the group from the chairman".
SFI is dumping its stockbroker, Beeson Gregory, after the company's share price continued to stick at much the same level it has been for the past four or five years, despite 52% compound annual growth in earnings per share over the past six years. Hill told the City analysts Hemscott last week that institutional investors had been calling for a change of broker, and SFI believes the new incumbent, Peel Hunt, "are the best small company specialists", particularly now that it has the backing of the Belgian bank KBC, which bought the broker in 2000.
Kowszun will be joining Hartford Group
as soon as SFI finds a replacement. Since McKenzie was brought in to the Hartford Group, most famous for its ownership of the Pharmacy restaurant in Notting Hill, London, losses have been cut by more than 60% and the company is trying to move from the restaurant business into the drinks-led sector.
The success of its first bar with food operation, the Common Room, in Wimbledon, South London, mans it now wants to roll out more Common Rooms. Hartford, which operates eight restaurants and bars in London, has also increased the capacity for bar trade at several of its restaurants.
The City was also upset that SFI is replacing its stockbroker for the second time in less than two years, and the company's boss, Tony Hill, is to lose overall executive responsibility to a new chief executive.
However, SFI's supporters have rallied round, pointing out that Kowszun, 33, who joined SFI with its purchase of Slug & Lettuce, is to become chief executive of Hartford Group, now being run by Sheila McKenzie, Slug's former managing director.
Hartford, where Stephen Thomas, chief executive of Luminar Leisure, is chairman after a personal investment said to be around £500,000, was "an opportunity which Kowszun could not pass up," according to informed sources.
SFI is looking for a chief executive too, but informed sources say Kowszun was not in the running. Headhunters Whitehead Mann have whittled down the number of candidates, both internal and external, to a shortlist and the company is said to be "very close" to naming the winner.
Hill, who is currently executive chairman at SFI, was 65 last week and has told contacts in the City he reckons he just cannot now put in the hours the job needs, which is why the new chief executive "will take overall executive responsibility for the group from the chairman".
SFI is dumping its stockbroker, Beeson Gregory, after the company's share price continued to stick at much the same level it has been for the past four or five years, despite 52% compound annual growth in earnings per share over the past six years. Hill told the City analysts Hemscott last week that institutional investors had been calling for a change of broker, and SFI believes the new incumbent, Peel Hunt, "are the best small company specialists", particularly now that it has the backing of the Belgian bank KBC, which bought the broker in 2000.
Kowszun will be joining Hartford Group
as soon as SFI finds a replacement. Since McKenzie was brought in to the Hartford Group, most famous for its ownership of the Pharmacy restaurant in Notting Hill, London, losses have been cut by more than 60% and the company is trying to move from the restaurant business into the drinks-led sector.
The success of its first bar with food operation, the Common Room, in Wimbledon, South London, mans it now wants to roll out more Common Rooms. Hartford, which operates eight restaurants and bars in London, has also increased the capacity for bar trade at several of its restaurants.
