Bulmers appoints new finance chief

HP Bulmer, the troubled cidermaker currently up for sale, has appointed a new finance director.

The company's parlous financial state makes the job one of the toughest in the sector but Richard Pennycook, a former finance director at JD Wetherspoon, has taken the challenge.

Mr Pennycook has also accepted a lower salary package than his last job, as chief executive of Welcome Break, the motorway services group.

Miles Templeman, the new Bulmers chief executive said he had been "pleasantly surprised" by the number of applicants for the post, given the company's situation.

"I had a good range of candidates though I guess there are a lot of finance directors on the market at the moment," he said.

Mr Templeman said it had been vital that Mr Pennycook had been able to start immediately given the July deadline for refinancing Bulmer's £130m debt.

Last week the company confirmed that to reduce its debt it might have to sell its distribution arm, The Beer Seller, or even contemplate an outright trade sale.

Mr Pennycock, who has also worked for Allders and Laura Ashley, fills the post previously held by Alan Flockhart, who was fired in October.

Mr Flockhart left the business along with the then chief executive Mike Hughes after the discovery of a £3.8m black hole in the books.

Related articles:​

Finance worries could force Bulmer sale (30th January 2003)

Troubled Bulmers unveils £34m loss (6 January 2003)

Bulmer banks on Miles Templeman (16 December 2002)

Dividend blow at Bulmers (27 November 2002)

Bulmers downgrades profit forecasts (14 October 2002)

Bulmer fires finance chief over £3.8m hidden costs (1 October 2002)

Bulmer boss falls on sword (12 September 2002)

Bulmers uncovers £3.3m black hole in accounts (10 September 2002)