Smith be part-time executive to help Accumuli bag targets

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3:19 pm, June 21, 2010
Smith be part-time executive to help Accumuli bag targets

Ian Smith, former chief executive of Xploite Plc, is to become a part-time executive director at Accumuli Plc, the buy and build vehicle formed out of Salford-based data network installer Netservices Plc.

Accumuli (AIM: ACM) announced the move today and also confirmed that chief executive Mark Vickers and non-executive Steven Hartley, had both resigned as directors with immediate effect.

The statement said Smith, who bought into the business for the first time last May, would be “focused principally on the company's investing policy”.

Accumuli is expected to look for managed IT and communications providers to acquire. Smith did a similar thing at Sussex-based Xploite, which he joined in 2003 when investors put in about £300,000. Three years later the company returned £20m to shareholders.

Netservices sold its operating businesses for £3.2m to Lincoln-based GCI Telecom Group Ltd in a deal which was approved by shareholders last month.

Graham Norfolk, Accumuli’s chairman, said: "I would like to thank both Mark and Steve for their contribution to the business over the years and wish them every success in the future. With the disposal of WAN Services Limited and the trading business now complete, the Company is ready to implement the investing policy approved by shareholders on 18 May 2010. We look forward to reporting further in the coming months upon our progress in executing this strategy."

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