Birmingham, England, January 23, 2006--Struggling DIY retailer Floors 2 Go has replaced its chairman with the former head of Punch Taverns, according to the Birmington Post.
Roy Gabbie is stepping down immediately and is being succeeded by Alan Smith, currently chairman of household goods retailer Robert Dyas.
Floors 2 Go, which specialises in laminate and wooden flooring, was floated on AIM under Gabbie's chairmanship in 2004. But the company has struggled in recent weeks, with like-for-like sales down by a quarter as consumers reined in spending. Like-for-like sales slumped 25.8 per cent in the second half of its financial year, while total sales were 13.2 per cent lower.
Pretax profits for the year to December 31 are now expected to be toward the lower end of expectations.
The City had previously pencilled-in profits of between pounds 5 million to pounds 6.3 million.
Gabbie is leaving to concentrate on business interests which include his distribution firm USI. Mr Smith has spent 30 years' managerial and board experience in store and leisure retailing.
He previously held senior appointments as chief executive of Somerfield and chief executive of Punch Taverns. Before this he held senior positions at Kingfisher, first as managing director of Superdrug and then as managing director of B&Q.
Floors 2 Go began as a family business in Birmingham in 1999 and has its head office in Newtown.
Simon Farnsworth, chief executive of Floors 2 Go, said: "We are delighted that Alan is joining Floors 2 Go as chairman. He is a really big hitter with the retail experience to help take us to our target of 250 to 300 stores.
"We have been looking at the business strategically. The decision by Roy to leave was nothing to do with our performance."
