14 September 2009

Lees Foods plc ('Lees'or the 'Company')

Mr Raymond Miquel to leave Lees 

Mr Raymond Miquel CBE, Chairman & Chief Executive of Lees, is to leave both roles with immediate effect.

Mr Miquel stepped in to rescue Lees in 1993, when the Company was close to bankruptcy and was losing over £1m annually. He introduced management controls, rationalised the product range and changed the business into being customer focussed, resulting in the operation quickly returning to a profitable position.

In 1998, Lees moved into a new purpose built factory in Coatbridge, which was down to Mr Miquel's determination to improve Lees' production efficiencies and the working conditions for the staff and factory workers.

Lees now comprises its principal business of Lees of Scotland and the Waverley Bakery, which was acquired in 2003.  Under Mr Miquel's leadership staff numbers have grown from approximately 130 to around 250 and the turnover for both companies rose to £16.5m in 2008. 

In 2005, Lees' shares were admitted to the Alternative Investment Market, to raise the Company's profile and position it for further expansion.  

Lees will report its interim results later in September, together with the announcement of the new board structure. 

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