York-based musical instrument retailer Gear4Music is shaking up its leadership, including a new chief executive and chair.

Ken Ford, non-executive chair of the Clifton Moor business since its IPO in 2015, will step down from the board later this year.

From July 5, chief executive Andrew Wass will become executive chair and current chief commercial officer Gareth Bevan will become CEO.

Neil Catto, the former CFO of Boohoo Group plc, will join the board as senior independent director and audit committee chair.

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Dean Murray, who has served as a non-executive director since the IPO, also intends to step down but will stay on until a suitable replacement is found.

Chief financial officer Chris Scott and non-executive director Harriet Williams will remain in their roles.

Andrew Wass, chief executive and executive chair designate of Gear4music has paid tribute to Ken and Dean for their “wise counsel and steadfast support” over the years. He was also looking forward to working with Gareth in their new roles.

Andrew added: “The transition will ensure seamless continuity within our leadership team whilst enhancing our strategic focus.”

Ken Ford, non-executive chair of Gear4music, also paid tribute to board members and staff since he joined the board in 2015.

He said: “This period has seen remarkable growth. There have been challenges to overcome along the way but, today, our business stands significantly stronger, a testament to the collective efforts and dedication of our entire team. With the newly restructured board, I am confident that their diverse skills and experience will continue to drive transformative change.”

In a trading update, Gear4Music reported total sales of £144.4m for year ending March 31, down five per cent from £152m the previous year but in-line with market expectations. UK sales grew slightly to £83.1m from £82m.

Andrew Wass said: “We are pleased to report that the Group’s financial performance during FY24 was in line with market expectations, having delivered both gross margin and profitability improvements. As a direct result of the affirmative actions taken to prioritise cash generation and reduce costs, we have almost halved the Group’s net debt since 31 March 2023, down to £7.3m at 31 March 2024, being a reduction of £16.9m in two years.

“We continued to invest into and develop our bespoke e-commerce platform during FY24, improving key areas of our proposition to drive further efficiencies and future profitable growth. The Board is confident that the positive impact of the cost reductions made during FY24 will deliver full-year benefits in FY25.

“With ongoing investment into key areas of our business, including further development of our second-hand system and higher margin product categories, the Group is well positioned to build on the results achieved in FY24 and deliver on our long-term profitable growth strategy.”