Balmoral Group announces non-executive director appointment
Former corporate banker, Gary Gerrard, has been appointed non-executive director of Balmoral Group Holdings Ltd. He will have a wide remit to advise and assist with all aspects of company business.
Gary held a variety of roles during his 28 year career with Bank of Scotland and, more recently, Lloyds Banking Group. Senior positions at BoS included head of corporate banking in Scotland and regional MD of the corporate real estate business. He left Lloyds in December 2010 to concentrate on other commercial interests in the oil, gas and property sectors.
On his appointment, Gary commented: "I am delighted to join Balmoral at such an exciting time. The company has market leading products and technology, talented and hard working employees and is in excellent financial shape.
“Three years ago Balmoral was trading at break even with £20m+ of debt. Today, the Group is highly profitable, has largely repaid its debt from internal cash generation and has a very strong balance sheet.
“This is one of the most amazing turnaround situations that I have seen in my banking career and pays testament to Jim Milne and his management team. It is a tremendous success story for Aberdeen."
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