On 9 April 2001, Euro Sales Finance (ESF) announced that it was examining with its lead banks ways in which its funding position could be improved. ESF had been growing its business at a fast rate, which has proved unsustainable given the limits of its overall banking facilities and as a consequence the company temporarily exceeded its borrowing limits. ESF has announced that it has the support of its banks on the basis that growth in its receivables book will be controlled.
Further to these developments, Colin Rutherford has been appointed Executive Chairman with immediate effect. Ian Fitz-Harris steps down as Chief Executive Officer to become Group Development Director. Bernward Rohmann, Director and Chief Financial Officer, has resigned. Alex Hammond-Chambers steps down as non-executive Chairman and remains as a non-executive Director together with Tony Chambers and Jean Arvis.
