Monotub founder gives way to recovery expert

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The Independent Online

Monotub, the company that was forced to shelve production of the innovative Titan washing machine, sought to claw back some City credibility by sidelining its founder and hiring a turn-around specialist as chairman.

Ian Green, 66, who replaced Martin Myerscough as chairman, described the challenge of rescuing the struggling company as "formidable" but said he was encouraged by his initial contact with the group.

Mr Green, who was introduced to Mr Myerscough by the Institute of Directors, said the company would step up the search for a strategic partner while it ironed out the "teething troubles".

A string of technical problems prompted the AIM-listed company to suspend manufacturing last month. Its shares have tumbled from 432.5p to 8p in the past 12 months.

Sales of the Titan, known for its removable drum, were hampered by a critical Which? report that stated the machine leaked, jumped and made noises. Only 60 machines were sold before they were withdrawn.

While Mr Green admitted he was not "confident at all" that he could secure Monotub's future, he added: "Providing we can get everything together I don't see why this can't be a very profitable and successful machine."