Bulmer man moves in at Lloyds (CORRECTED)

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The Independent Online
CORRECTION (PUBLISHED 19 APRIL 1994) APPENDED TO THIS ARTICLE

LLOYDS Chemists, the high- growth pharmaceuticals wholesaler and retailer, has replaced its former finance director, Dick Steele, with the finance director of HP Bulmer, the cider company, writes Robert Cole. Mr Steele, who has moved to Storehouse, the Mothercare and BhS chain, announced his departure from Lloyds two months ago.

Lloyds Chemists has a reputation in the City for employing aggressive accounting techniques, particularly with acquisitions. But the company has consistently denied that Mr Steele's departure was related to its profile as an ambitious acquisitor.

Mr Steele's replacement is Peter Ward. He has been finance director of Bulmer - which makes Strongbow cider - since 1989 and previously worked for the confectionery company Bassett Foods. His move from Bulmer leaves two listed cider companies without finance directors. Before Easter Mike O'Driscoll of Merrydown resigned.

Shares in Lloyds and Bulmer fell back with the market as a whole. Lloyds shares closed 6p lower at 347p and Bulmer fell 8p to 400p.

CORRECTION

The new finance director at Lloyds Chemists is Michael Ward, not Peter, as stated in last Thursday's edition. The Independent also wishes to apologise for any inferences which may have been drawn from the article as to the reasons for the departure of the former finance director, Mr Steele, to Storehouse.

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