Graham Burns, Equanet sales director, has quit the company after the owners rejected his management buyout overtures.
His attempts to acquire the #20 million Chessington-based corporate reseller were described as unrealistic by chairman Jonathan Chapple. 'A key part of his plans were that Ron Fenwick (co-owner and MD) and I should go immediately. We felt this was naive, as venture capitalists are unwilling to commit substantial sums without management continuity. We also thought that Burns had not yet proved his case to run the company by himself.' Equanet is not seeking to replace Burns, but is instead promoting two key guys, Paul Barlow and Graham Spring, to divisional director status.
Burns joined Equanet in July 1994 from Computacenter, where he ran the mega-dealership's government business. 'We were thinking in terms of succession when we appointed him, but it wasn't happening at the pace he wanted,' Chapple said. As part of his agreement to join Equanet, Burns had an option to buy the company, which is now void.
He is understood to be contemplating his future, helped by a suitable and amicably agreed settlement. 'Equanet is discussing long-term options with Burns,' Chapple said. 'I wish him well.'
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