Nisa’s CEO to step down after turning the company round to ‘profitable growth’


Here’s what was said

Nick Read the chief executive of Nisa has confirmed Saturday, that he is to step down, Read joined the company in 2014.

He revealed when he started his role at Nisa that the company has losses along with “business instability,” the company reported in July 2016 their largest bottom line of £7.3m.

Peter Hartley, Nisa’s chairman said: “We are grateful to Nick for his leadership during a challenging period for Nisa and the wider convenience sector.

“Nick and his team have brought much-needed stability to Nisa, and he will leave the business in a significantly improved financial position.”

Nisa has been in talks with Co-op to do a £140m deal for Co-op to take over the wholesale business since August.

Read said: “My time at Nisa has been both challenging and eventful, and I am proud of our collective success in turning the business round.

“The return to profitable growth was key to creating the confidence that enabled a sustainable business model for the benefit of all Nisa members.

“I am grateful for all the support I have received from colleagues and members.”