NEW CEO FOR PHS IN 2015

Justin Tydeman has been appointed the new Chief Executive of PHS in a new Board that sees him replace Gareth Rhys Williams. Previously, Justin was CEO of Selecta Group, Europe’s largest food and drink vending business with sales of over €700 million and more than 5,000 employees in 24 countries. Simon Woods will remain as Chief Financial Officer of the group. Prior to his appointment at PHS, Simon was Interim Finance Director for British Gas Business (part of Centrica plc). Before that he was Finance Director of Biffa's waste collection business and Reliance Security Services.

Justin Tydeman commented: “PHS is a great company with an excellent brand and prospects. I am much looking forward to working with the PHS team to grow the business and realise its full potential.”

Gareth Rhys Williams, the existing CEO, will be leaving the business, following an extended handover period, stepping down on 31st December. Gareth was brought into the company in May 2012 and oversaw the operational restructuring of the business, culminating in the Scheme of Arrangement which has introduced a capital structure enabling the business to grow.  He leaves with every good wish from the company, management and staff.

Gareth Rhys Williams commented: “While I am naturally sad to be leaving PHS, this is a good moment for me to hand over to a new chief executive now that the Scheme of Arrangement has been completed, and the business has new owners and a sensible capital structure. I am delighted to be handing over to Justin who brings significant and relevant industry experience. I wish him, the PHS management and staff every success in the future.”

The new Board will be chaired by Christopher Kemball who is an experienced chairman of public and private companies. From 2005 to 2012 he was Chairman of Berendsen plc, one of the leading textile rental and washroom services companies in Europe. The other non-executive directors are Graham Oldroyd and Peter Williamson. Graham was previously a partner at a private equity firm, where he was responsible for the industrials sector and its Nordic business. Peter has substantial experience in international business development and was previously employed in senior management positions at BTR, Metzeler, Xerium Technologies, IBP Group and as an operating partner at a private equity firm.

Following the Scheme of Arrangement, PHS’ equity and debt is now owned by a group of financial institutions and institutional investors, including Anchorage Capital Group and M & G Investments, who fully support the appointment of the new Board and Chief Executive.