Garwyn overhauls board

Garwyn has revamped its board as part of a financial restructuring of the business.  

The loss adjuster’s board announced today that its principal investor, Barclays Ventures, has carried out a debt for equity swap, increasing the company’s net assets by £6.5m.

Garwyn said the restructure has left with its strongest balance sheet since the business became independent in 2005.

The restructuring has also seen Bank of Ireland renewing its facilities for the group and provided an ancillary overdraft facility, providing the Group has what it describes as “a high level of liquidity”.

Under linked changes to the company’s board, Lesley Johnson remains chief operating officer and Ranvir Saggu replaces Ian Chapman as finance director with additional responsibilities for IT.

Commercial director and former board member Nick Patterson is understood to have left the company.

Recently appointed Garwyn chief executive Artur Niemczewski said: “This is a significant step forward for Garwyn.  The actions taken by our funding partners have strengthened the company’s balance sheet and liquidity. 

“We had also taken the difficult but necessary decisions to reduce costs in the business during 2011 – we are profitable going forward. 

“We have a very strong senior team and, working with our large pool of highly skilled professional staff, this makes us a stronger and more sustainable business to build on our position within the market.”