The Amberley Group, owner of Bousfield Heatons, has restructured its board in a bid to restore the company's fortunes and increase shareholder returns.


Chief executive Bob Healey has resigned and been replaced by Robert Goddard, who was appointed to the board in October. Amberley chairman Philip Kanas has retired and been replaced by Roger Fletcher.


The board has also "removed" non-executive director Peter Lawrence and replaced him with
former Brent International finance director Bill Jessup.


Amberley's share price has dropped by over 50% in the past three years. In 1998 the shares reached a high of 116p and a low of 60p; this year the price peaked at 50p and dropped as low as 18p.


The company acquired FC Heatons at the end of 1997 for 3.4m after buying Bousfield Printing Products in 1995.
This year, the group's turnover was 74.8m and pre-tax profits were 1.64m. In 1999 its turnover was 74.1m with pre-tax profits of 6.67m.


Amberley Group chairman Roger Fletcher refused to comment on the board restructuring or share price.


In October last year Bousfield Heatons' founder and chairman David Bousfield left the company, saying he "wasn't part and parcel of the business any longer" (PrintWeek, 22 October 1999).


Story by John Davies