Troubled reseller Redcentric has hired a troubleshooter to help pull its nadgers out of the fire.
Chris Jagusz has been appointed chief executive of Redcentric and given the task of turning around the reseller’s fortunes.
For those who came in late, in 2016, the discovery of “misstated accounting balances” in Redcentric’s balance sheet prompted the firm to begin a forensic review and spanked the firm’s bottom line.
Jagusz, who has senior experience at Azzurri Communications, SSE Telecoms, Daisy and BT going back to 1988, will look to get the firm back to its previous industry form.
The job is a bit of a poisoned chalice. Redcentric’s will have to return to profit while minimising any reputational damage from ongoing Financial Conduct Authority and Financial Reporting Council investigations.
Chris Cole, Redcentric’s chairman, said: “We are delighted to be able to announce the appointment of Chris as chief executive. He has an outstanding record of accomplishment in telecoms and as a business leader. The board is confident he is the right person to take Redcentric forward.”
Redcentric also stated that its performance for the six months to 30 September has been “in line with management expectations”. It said substantial progress has been made with reducing the net debt position to £33.3million, which is ahead of management’s expectations. This due to “strong operating cashflows reflecting improved trade debtor collections and working capital management.”
