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Sportech confirms departure of non-executive chair Vardey

| By Robert Fletcher
Sportech has announced that Giles Vardey will step down as its independent non-executive chairman with immediate effect from today (14 April).
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Vardey joined Sportech in November 2017 as a non-executive director before progressing to non-executive chairman in July 2019. He oversaw a series of changes including the disposals of a number of divisions and a reduction in the overall size of the business.

However, Sportech said that given this transformational work and the recent downsizing of the business, Vardey felt it was time to move on. 

“I am extremely proud to have served Sportech for the last five years,” Vardey said. “Collectively, we transformed the business, building a more robust platform and strong balance sheet for the future execution of the board’s strategic aims.”

Sportech chief executive Andrew Lindley added: “I would like to thank Giles for the energy and passion he has brought to the role as chairman. He has steered the group admirably during its recent and significant transformation as well as through the unprecedented trading challenges brought about by the pandemic.”

Richard McGuire, currently a non-executive director at Sportech, will step up to the chairman role. Clive Whiley, a non-executive director, will also become senior independent director.

“Giles brought more than 35 years of business and boardroom experience to the role and served the company professionally at every stage,” McGuire said. “I very much look forward to working with the Sportech Board and wider team and continuing the core strategic initiative to generate attractive shareholder returns.”

Sportech sold a host of assets in 2021 as part of its wider plan to downsize. These included the Global Tote business, which was acquired by Betmakers in June 2021, and Bump 50:50, which Sportech agreed to sell to Canadian Banknote in February 2021.

This downsizing led to Sportech removing its shares from the London Stock Exchange and moving to the Alternative Investment Market, after which CEO Richard McGuire and chief financial officer Tom Hearne stepped down from their roles.

Last month, Sportech reported revenue of £22.9m (€27.8m/$30.1m) in 2021, with the sales of certain divisions powering the business to a £34.5m profit.

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