Hedley Appoints New CEO

By Ian Neubauer

Troubled pub owner Hedley Leisure and Gaming Fund (HLG) has appointed Peter Armstrong as the company’s new CEO. 

The announcement appeared as a footnote in an address by HLG chairman, Colin Henson, to shareholders at the company’s annual general meeting on Monday (November 24).  

“To counter the prevailing difficult market conditions, the manager has recently added depth and experience to the management team by the appointment of Peter Armstrong in the role of chief operating office,” Henson said.

“For the last four years, [he] was general manger of hotels for Coles Liquor Dvision and otherwise has strong experience in business acquisitions/divestments, property development and most importantly, strategic and general business management.”

Armstrong’s appointment coincides with what is being seen as a ‘make or break’ time for HLG and its billion-dollar portfolio of more than 100 pubs, clubs and bottle shops in QLD and NSW.

HLG’s share price and balance sheet have been jointly battered by a perfect storm of negative macroeconomic, financial and legislative factors — including the introduction of tough new smoking that have pulled the plug on revenues from gaming machines.
 



 

[Thu 27/11/2008 04:50:59]