HERITAGE COLLECTION HOLDINGS LIMITED
Friday, 3 August 2001
Heritage Collection Holdings Limited (HERCOL) today announced the
appointment of John Bester as their new financial director.
A Chartered Accountant, Bester has nearly 30 years of experience in
financial management, having been a partner in Ernst & Young and a director
of Norwich Holdings Ltd. He was responsible for Norwich's successful public
listing and was a key player in the team that negotiated and administered
the Norwich-Fedsure merger. He has also played a major role in the
subsequent acquisition of the Fedsure International Companies by Investec.
Commenting on his appointment, Bester says: "HERCOL is tremendously
undervalued in the current market and I intend to play a role in rebuilding
this company and developing its full potential. Apart from improving their
financial disciplines as part of a major restructure, my role will include
engaging in dialogue with other companies for expansion to further
empowerment initiatives, to share synergies and explore opportunities.
"As franchisee for Reader's Digest, HERCOL has access to an enormous
intellectual capital in the form of the world's most widely-read magazine
and a stream of top-quality books and music albums. In addition, by
purchasing the South African Reader's Digest company, HERCOL has actually
acquired a wealth of valuable book editorial material which we intend to
capitalise upon."
Barry Lloyd, CEO of HERCOL, says: "We're delighted with John Bester's
appointment. His sound financial management experience will add enormous
value to our business. While in recent months direct mail companies have
experienced difficulties as a result of the postal strike, the fundamentals
remain and present excellent growth opportunities. We look forward to
working with Bester to meet the challenge."
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