Softcat has clarified that nothing should be read into the resignation of four of its directors on Companies House yesterday as the VAR ploughs on with a drive to professionalise the firm.
Talking to CRN, Softcat chairman Martin Hellawell (pictured) emphasised that chopping the number of directors listed on the UK company information exchange is merely part of a wider corporate spring-cleaning exercise.
The quartet – Dave Simpson, David Ridgway, Douglas Fawell and James Kenny – will see no change in their roles and responsibilities at the company, Hellawell stressed.
"We had 10 or 11 directors on Companies House when most sensible, established companies have up to five directors," Hellawell said. "It was ridiculous."
He added: "We've tidied up who has legal liability as a director on Companies House, which is all downside and no upside. We asked who wanted to stay on and reduced it down to a smaller group."
The move is part of a wider corporate governance drive Hellawell has been spearheading since his move upstairs last year. This has also seen Softcat dissolve several of its "shell" subsidiaries, including Softcat Services.
"There were three or four brands we never used but had registered just in case we wanted them, but we've got rid of them," he said.
"One of the things I'm trying to do as chairman is to tidy up the corporate governance," Hellawell said, adding that this also includes looking at the "long-term options" for Softcat, which turned over close to £400m in its most recent financial year.
Although this includes exploring the potential benefits of an IPO, Hellawell said the most likely option is to "stay as we are and do nothing".
"Part of my role is to make sure we understand all the options and to keep those options open," he explained. "It's all that corporate governance stuff Softcat has not done in the past but is trying to get more professional about."
Security firm set to become part of acquisitive Shearwater Group
Distributor merges three northern sites into one new hub in Warrington
Activist investor puts forward five director candidates as turmoil continues at security giant
Nima Green asks what is driving public cloud uptake in Germany