Finsbury: announces change of management structure

London / UK. (ffg) British Finsbury Food Group PLC announces a restructuring of its management team. Dave Brooks, currently Chief Executive, is stepping down from the Board with effect from September 29, 2008. Having aided the creation of Finsbury Food Group in 2002 and led its growth, both organically and through strategic acquisitions over the past six years, Brooks has decided it is time to seek out new career opportunities. The Board is pleased to confirm that Dave Brooks will remain a consultant with the Group until the end of March 2009 to ensure an effective handover.

Martin Lightbody, Group Strategic Development Director, will take over as full time Chief Executive with effect from September 29. Martin Lightbody was Managing Director of Lightbody and its majority shareholder prior to its acquisition by the Group in February 2007. He is a major shareholder of Finsbury owning 26,6 percent of the Company.

In addition, John Duffy will join the Group as Chief Operating Officer. Duffy has a strong track record in operational management within the food industry having previously been Managing Director of WT Foods and having held senior directorships at both Golden Wonder and Mars.

Paul Monk, a Non-executive of the Group since December 2002, will assume a more active role in the commercial direction of the Group, also with effect of today´s date. Monk has many years of experience in the food industry, having worked extensively in several different sectors, including significant time spent with Marks and Spencer, Mars and Golden Wonder.

Subject to shareholder approval at the AGM, Brooks will be paid 300’000 GBP on departure, the remaining exercise conditions on his share options will be waived and the exercise period on his share options will be extended to March 31, 2014. These costs will be accounted for in the year ending June 30, 2009. The financial arrangements relating to the departure of Dave Brooks constitute a Related Party Transaction under the AIM Rules and the Directors (with the exception of Dave Brooks) consider, having consulted the Company´s Nominated Adviser, Panmure Gordon, that the terms of these arrangements are fair and reasonable insofar as the Company´s shareholders are concerned.

_{Commenting on the changes to the Group´s management team, Chairman David Marshall said: «The Board would like to record its thanks to Dave for his contribution to the Company and wishes him well for the future. It has been a pleasure to work with Dave over the last six years and the Group will miss his ability to not only drive the strategic vision of the Group, but also support his team with his attention to the fine detail. We respect his decision to move on and look forward to our continued growth under the stewardship of Martin who has a proven track record in running a large food manufacturing business and is well known by senior managers across the Group.}

Today, Finsbury operates across the length and breadth of the UK and is well positioned as the second largest player in the UK cake industry and the market leader in the supply of Gluten Free goods to the UK´s multiple grocers. The new management team includes two very experienced individuals, in Martin and Paul, on the current Board to ensure a stable transition into our next stage of growth. We are very pleased to have secured the appointment of John Duffy to enhance the quality of leadership and management within the Company».

Dave Brooks said: «After eleven years in the industry, I felt it was time to move on not only to allow some new ideas into the business to drive the Group onto its next level, but to also generate new opportunities for myself. I have loved my time with Memory Lane and Finsbury, and will miss the people within the business as well as all our external stakeholders who have been very supportive. I wish the Group well and will continue to monitor the development over the years to come» (source).