Redstone turnaround man off for pastures new

CFO Peter Hallett hands in notice after bumpy four-year stint at recently demerged VAR

After seeing the firm through more ups and downs than a Rossini aria, culminating in the firm's demerger, Redstone chief financial officer Peter Hallett is resigning to pursue his next challenge.

Hallett joined the Redstone board back in 2009, a year before the debt-laden VAR narrowly avoided bankruptcy.

Following a refinancing, fire sale of non-core assets and period of far-reaching restructuring, Redstone returned to profitable trading in late 2011. In September, it moved back on to the front foot, snapping up rival Maxima's core assets for £13.8m before earlier this year spinning off its high-margin network managed services business to form a new business, Redcentric.

Its lower-margin infrastructure solutions business retained the Redstone name and both firms are quoted on the London AIM market.

Hallett, who began working closely with Redstone as a consultant on behalf of its bank in 2008, has handed in his resignation "in order to pursue new professional challenges".

He has a 12-month notice period and will remain as CFO until a successor has been recruited.

"The Board would like to thank Peter for all that he has done for the business during his tenure. His work in restructuring and refinancing the business has been outstanding and we wish him all the very best for the future," said Redstone chairman David Payne.

Hallet added: "It has been a pleasure to successfully oversee both the turnaround of Redstone plc and the successful demerger and flotation of Redcentric plc.

"Both businesses are now leaders in their respective fields and I feel that my work will be complete following a thorough handover to my successor."