Rod Channon, financial director of small ticket lessor 1pm, has
stepped down from his position at the company in the wake of
considerable interim losses.
In September 2009, 1pm reported an “unusually high” number of
lease terminations, resulting in bad debt write-offs of £95,000
(€105,000) for the month.
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Results posted for the six months leading to 30 November 2009
have revealed losses of more than £220,000 for the broker-fed
funder.
Channon’s successor is treasury director Helen Walker, formerly
a manager for Vodafone and the Virgin Group.
Many of 1pm’s write-offs in recent months have been connected
with larger deals, which were signed before a general reduction in
ticket size enacted during 2009.
1pm said it expects to report a “stronger” performance for the
rest of the year.
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By GlobalDataFred Crawley
