The founder of Alpha to Omega has left the network after less than two years as a director of the company after boardroom disagreements over business strategy.
Founder Terence Rowe left the firm after he suppor-ted a plan to buy out Alpha to Omega's majority shareholder.
His plan was not backed by chief executive Stewart Wooles and the rest of the board, making his position at the company untenable, according to Money Marketing sources.
Rowe is believed to still be a shareholder in the network which was bought from parent group Berkeley Berry Birch in a management buyout in September 2003 with massive backing from gambling industry millionaire Adrian Williams, owner of Lucky Strike Games.
Wooles says Rowe wanted to leave in April and that there were no “disagreements or disciplinary proceedings against Rowe” at the time of his leaving.
Wooles maintains that Alpha to Omega will continue to follow the business plan set out by Rowe and that since his departure, the firm has seen a number of applications for membership come through the door.
Wooles would not be drawn on future plans for a buyout and says that with the network turning a healthy profit, the company is on track with its business plan.
He says: “With Rowe's dep-arture, we have had to consolidate his role as director of sales and marketing. It has been a pain to the business with Rowe leaving because he has been here from the beginning and has been central to the growth of the business.”
Rowe says: “My future still lies in financial services but we did not see eye to eye on how A to O should progress.”