The high-profile Brickles, who has hitherto been steering the AIM-quoted provider of the PLUS-listed and PLUS-traded share dealing platforms and operator of the PLUS-quoted is share market, is to take up the newly created post of executive chairman. PLUS Markets says his focus will be on the company’s ‘international’ activity, especially the Middle East, following last year’s £5.5 million purchase of a 19.9 per cent stake by Kuwaiti investment group Amara Dhari and PLUS-quoted’s listing of the £604 million RAK Real Estate of Kuwait.
Cyril Theret, currently PLUS Market’s head of business development, is to replace Brickles into the top executive role. There, he and chief financial officer Nemone Wynn-Evans will strive to achieve profitability for the company, which more than doubled losses to £5.7 million in the first half of last year on revenues down 43 per cent to £4.1 million.
Vardey, who replaces Stephen Hazell-Smith in the chair, is an investment veteran who brings to his new post experience as former chief executive of stockbroker Greig Middleton, chairman of European hedge fund CQS Management and a consultant to US fund manager Babson Capital. As a director of the London Stock Exchange between 1992 and 1997, he was responsible for implementing the SETS electronic training system and for creating the AIM market, which Brickles ran before joining PLUS.