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The board of Ten Entertainment has been advised by Nick Basing of his intention to step down as chairman, a role he has undertaken for six of the 12 years he has been involved with the Company.
A process to appoint his successor will now commence. It is anticipated that Mr Basing will leave the business in September, following an orderly transition and handover period.
Mr Basing has been instrumental in the development of Ten Entertainment as one of the leading leisure companies in the UK, growing EBITDA tenfold during his tenure and growing like-for-like sales for eight consecutive years between 2012 and 2020 prior to the onset of the pandemic. Reflecting this performance, at its peak pre COVID, the business was valued at c.£200 million.
He will remain in his role to ensure that the group is best placed from the start of reopening.
At 9:21am: (LON:TEG) Ten Entertainment Group PLC share price was 0p at 179p