
| As a consequence of the re-organisation of the management of the VOW business it is with regret that I must inform you that Ian Sinclair, Managing Director of VOW and ISA Retail has left the company. Ian leaves after 6 years and I would like to thank Ian for his important contribution to the management of the business and I trust you will join me in wishing him every success in whatever new venture he may choose to embark upon next. We plan to significantly strengthen the senior management organisation of both VOW and ISA Retail in the coming weeks to ensure we can capitalise fully on opportunities available to both businesses in the short, medium and long term. It is my view that the VOW business requires exclusive management focus and to this end I plan to separate the management of ISA Retail and VOW. Our first step in achieving this objective is to appoint a dedicated Managing Director of the VOW business and to this end I am delighted to announce the promotion of Adrian Butler to this new role. Adrian has over 17 years of experience of office products wholesaling, a successful track record in growing sales, a comprehensive knowledge of our business model and is well known to the greater majority of our customers and the wider industry. I hope you will join me in wishing Adrian every success in his new role. There will be further announcements shortly regarding the additional management resource we plan to introduce to assure the success of both ISA Retail and VOW. Alan Barclay Group Chairman |