OUTDOOR retailer Blacks Leisure boosted its recovery by unveiling much-reduced losses and the appointment of a new chief executive.
The Northampton-based group, which has 308 stores, also announced it has secured banking facilities worth £35m for the next 18 months.
Efforts to restructure the business, which has included closing loss-making stores, helped cut losses to £5.3m from £43.6m in the year to February 26, but Blacks admitted that recent trading had been difficult.
Investors welcomed the announcement that Blacks’ new boss will be Julia Reynolds, chief executive of online retailer Figleaves and a former Tesco executive.
Neil Gillis, who is stepping down as chief executive after three years in the role, said Blacks was now a more focused business with significantly reduced overheads and a better format for its new stores.
He added: “The business is now well placed to move from turnaround to recovery.”
