Has Finden-Crofts put the brake on Matthews?

At last weeks Derby board meeting, held in New York to preview budget proposals for the forthcoming year, it was announced that Alan Finden-Crofts would assume the position of Executive Chairman from 2nd January 2001. Finden-Crofts is the former co-owner of the Derby companies and a member of the board of Derby Cycle Corporation.

All existing reporting relationships to Gary Matthews as Chief Executive Officer are said to remain unchanged.

Alan Finden-Crofts has been appointed, given his long experience of the bike industry, to underpin the team to ensure the Groups achievement of its financial targets after a difficult trading year in 2000, said Raleigh MD Philip Darnton.

Alan Finden-Crofts is known to be a staunch supporter of Raleigh UK and of its continuing to produce bikes in Nottingham.

At the New York board meeting, the timetable for Raleighs move to a new site was reviewed, and Darnton said he was pleased with the warm and very positive approach of the whole board to the plan.

He said he hoped that Raleigh would be able to take vacant possession of the site within the next 15 months.

Obviously there are a series of legal and planning stages to pass through, but with the evident commitment from the Derby Board and the tremendous support we are getting from Nottingham City Council, I am confident that we will hit our schedule, said Darnton.

This will then give us ample time to build our new home and move well within the end 2003 deadline."