Royal Liver mulls Park Row future
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Park Row has sustained heavy losses in the past two years and in its latest results, posted a deficit of £2.17m for the first half of 2009. The distribution arm is being investigated by the FSA as part of a review into its systems and controls.
Royal Liver claims it received several enquiries for the business in the past and is now looking at its options.
It also announced chief executive Steve Burnett would be stepping down after seven years in the job. Chairman David Woods will take over as acting chief executive until a new chief executive is appointed.
The company says it is planning to simplify its structure in order to focus on core manufacturing brands, Progress and Caledonian Life, and cut costs in the process.
Royal Liver and Park Row would not comment further on the future of Park Row or the FSA investigation.
Woods says: "We are considering carefully the future for our investments in Park Row and Citadel Financial Services.
"On behalf of the society, I would like to thank Steve for the enormous contribution he has made to Royal Liver."
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