Chris Bell, a former chief executive of bookies’ organisation Ladbrokes, has been named as the non-executive chairman of Agents’ Mutual as it prepares for its launch to the stock market.
Bell joined Ladbroke Group plc in 1991, becoming managing director of its racing division in 1995. In 2000, he became chief executive of Ladbrokes Worldwide and joined the Board of the rebranded Hilton Group plc, becoming chief executive of Ladbrokes plc, following the sale of the Hilton International Hotel division, until 2010.
He has also served as non-executive director at Spirit Pub Company plc and as senior independent director at Quintain Estates and Development plc.Prior to joining Ladbrokes plc, Bell held senior marketing positions at Allied Lyons .
He is also a non-executive director at Gaming Realms plc.
“I'm impressed by the quality of the executive team and by the business model and I look forward to guiding and supporting the Board in navigating the IPO process, in raising external capital and in implementing its ambitious growth strategy in the interests of property advertisers, consumers and shareholders alike" says Bell.
There is still no news on the date that AM will launch on the stock market.
Meanwhile its portal, OnTheMarket, has signed a five year deal with Arun Estates to advertise its sales and lettings property after the IPO.
Arun has a network of over 100 branches across south east England under the Arun name but the local brands of Ward & Partners, Cubitt & West, Douglas Allen and Pittis.
However, a spokesman for ZPG - on which Arun’s properties are already listed - says: "We have a long-term agreement and long-standing partnership with Arun Estates that remains in place."
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How much are Arun paying? How many free shares are they getting? What happened to the agent owned Mutual concept where every agent is treated equally? As an investor I would shun this float on the basis of track record plus common sense, many of its main base of customers are disillusioned and disaffected, are only continuing because of contracts they signed for a very different proposition and will be likely queuing up to sell their shares at the first opportunity
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