Mothercare FD resigns

STRUGGLING RETAILER Mothercare suffered a fresh setback yesterday as its finance director resigned just days before the arrival of a new chief executive.

Neil Harrington has left after a six year stint as FD to join an unnamed private equity company.

The search for his successor will be an extra burden for incoming chief executive Simon Calver who is set to outline a new strategy for the group next month.

Earlier this month, Mothercare revealed plans to close 111 stores in the UK over the next three years. The group also announced that its UK sales for the 12 weeks to 31 March fell by 9.5%, while full-year UK sales were down 6.5%.

In November last year, the company announced a structural and operational review of the size and scope of the business following a difficult year that included two profit warnings and the loss of chief executive Ben Gordon.

Alan Parker, who has been running the company as executive chairman since Gordon’s departure, said overhauling the business would create “a lean, more competitive business.”