Stock Spirits CEO to keep HQ in UK
Stock Spirits announced its H1 results today
The new head of Stock Spirits has said he has no plans to relocate the company's UK HQ to Poland despite being based in Warsaw.
Mirek Stachowicz, who was appointed Stock's full-time CEO today, told just-drinks that a switch from Wooburn Green near London to Poland was one of the first issues he examined when made interim-CEO in April. However, he said cost savings would be nullified by the loss of expertise.
"In the total picture it would not make a big difference," Stachowicz. "But the disruption to the business and the ability to deliver in M&A would be significantly diminished."
Stock Spirits is based and listed in the UK, but mainly operates in eastern Europe. Poland accounts for about half of its profits, according to analysts JP Morgan, and being a "remote" company was one of the issues highlighted early this year during an investor revolt that ended with then-CEO Chris Heath leaving the company.
Stachowicz said today it "would have been easy for me to say" move the company to Warsaw as he is based in the city, and will continue to work from there in his new post. However, he added: "We have a source of expertise in Wooburn Green, and I would not want to limit my options by moving this office to Poland."
The new CEO's comments come as Stock Spirits announced as part of first-half results that is to close its Swiss office and cancel the position of COO, held by Ian Croxford.
In H1 results, the company bounced back from a disastrous 2015 to post an improved performance.
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