Two executive directors are leaving serviced office company MWB Business Exchange, as the MWB Group continues to battle to stabilise itself amid debt concerns.
Keval Pankhania has resigned as corporate finance director of the listed Business Exchnage, and will be replaced Andrew Blurton, who was finance director of MWB Group for the 13 years to 2010.
Richard Aspland-Robinson, executive director with responsibility for acquisitions, also resigned from the board with immediate effect, Business Exchange said.
The company said both had left to pursue personal interests.
Two weeks ago MWB Group, the listed company which owns the Malmaison and Hotel du Vin chains and is the largest shareholder in Business Exchange, said it was suspending its shares over a payment row with Business Exchange.
Business Exchange said it would be withholding payments to MWB Group, in lieu of the repayment of an intercompany loan owed to it by MWB Group.
John Spencer, Business Exchange’s chief executive, said: “I would like to welcome Andrew to the Board. He is someone I have known for more than eight years and he brings a wealth of corporate, management and finance expertise to the company. I look forward to working closely with him to deliver the next stage in Business Exchange’s growth and development.
“I would also like to take the opportunity of thanking both Keval and Rick for their contribution to the company over the past nine years and, on behalf of the board, wish them all the success in the future.”