HSS Hire hunts for new chief executive after John Gill stands down

HSS Hire is on the hunt for its third boss in 18 months after ditching chief executive John Gill.

Gill, who was appointed in September 2015 after a six-year tenure in executive roles, will step down once his successor is found.

“The board believes it is the right time to look outside the business for a new CEO who can lead this next phase of our recovery,” chairman Alan Peterson said.

Peterson said he was grateful Gill was staying to ensure a “smooth handover”.

The tools group, known for its distinctive yellow and blue vans, has suffered due to a difficult overhaul of its distribution system, which is used to make sure its retail outlets are well stocked.

The project overran leading to spiralling costs and flatlining sales. Gill was also forced to go cap in hand to shareholders for another £13 million to strengthen the balance sheet after the debacle in December.

Gill replaced ex-chief Chris Davies, who left after two profit warnings drove the firm’s stock price into the ground.

Exponent Private Equity, which floated the firm at 210p a share, still owns 50% of the group. It has seen the value of its holdings crumble, leading to speculation it may take HSS private again.

Shares in the group dropped 3.3% today, 2.1p to 61.9p. They are down nearly 25% since the start of the year and 70% off their flotation price in 2015.