James Lancaster, the founder, chief executive and chairman of McColl’s Retail Group is to retire within the next two years.
The admission was made in McColl’s final prospectus, released when the firm floated on the London Stock Exchange last month.
Buried on page 15 of the 35-page document was the statement: “Between 12 months and 24 months following admission, it is intended that James Lancaster will retire from his positions as CEO and chairman.
“On James’s retirement, John Coleman, the deputy chairman, will assume the role of non-executive chairman and the company will appoint a new CEO.”
Lancaster, 66, founded McColl’s in 1973. It started as Mayfair Vending, but branched out into c-stores when it acquired Forbuoys in the 1990s.
Lancaster became group MD in 1984, CEO in 1990 and chairman and CEO in 1995. He led management buyouts in 1995 and 2005.
The company floated on 28 February. Its share price has since fluctuated between 182p and 190p. Lancaster held a 31.1% stake prior to the IPO and now holds 10.9%.
Speaking to The Grocer in November, Lancaster said: “This is my 40th year in the business, but I am still ambitious. When you retire, I think it’s important to retire to do something. There is nothing I want to do more than this.”
The prospectus also explained why Lancaster is chairman and CEO of McColl’s, which the company admitted was a breach of the UK Corporate Governance Code, which states the roles should not be held by the same person.
“The board believes James Lancaster’s experience and knowledge of the group and the need to ensure the effective operation of the group following admission justifies his appointment to both roles,” it said.