Ultimate Leisure bosses step down
Shareholders in troubled late night operator Ultimate Leisure have forced the resignation of founder and chairman Allan Rankin, along with other key members of the management team.
In their place, former Yates Group chief executive Mark Jones (pictured) has taken the helm at the North East based business in the role of executive chairman.
Along with Mr Rankin, Ultimate chief executive Bob Senior, development director Tim Wynn, operations director Alison Elliott, and board member Keith Atkinson have all stepped down.
A statement from Ultimate said the changes had been made "after consultation with certain shareholders and in order to pursue a new strategy."
Mr Jones led the £155m private equity backed buyout of Yates Group last year, and cashed in when the business was sold on to Robert Tchenguiz's Laurel Pub Company in May this year, for £202m.
He is joined on the Ultimate board by Colin Rowlinson as business development director. Mr Rowlinson is a chartered accountant with a speciality in merger and acquisition activity.
Ultimate has been identified as a potential takeover candidate after two recent profit warnings this year. It operates more than 30 outlets, mainly large city centre sites in locations including Newcastle, Leeds and Durham.
In May, the company faced questions from the Financial Services Authority after it emerged that Mr Wynn and the two brothers of Mr Rankin had sold shares in the weeks before the first warning. All strongly denied any breach of City rules.
