Breedon appoints new board member

Aggregates firm Breedon has appointed Peter Cornell to its board as an independent non-executive director.

A partner in Metric Capital, a special situations fund targeting mid-sized companies throughout Europe with approximately €2 billion of assets currently under management, he takes up his new role at Breedon on 1 October.

Prior to founding Metric Capital with his two partners in 2011, Peter was a managing director at Terra Firma, one of Europe’s leading private equity firms. He formerly spent more than 20 years with international law firm Clifford Chance, latterly as global managing partner.

Peter is currently non-executive chairman of Grant Thornton (C.I.) and Lexington Consultants, a professional service firm consultancy.

He is also a non-executive director of Schroders (C.I.) Limited, F&C Commercial Property Holdings Limited and IE Business School in Madrid.

Peter Tom CBE, Breedon’s executive chairman, said: “Peter brings a wealth of financial and corporate experience to Breedon and we are delighted to welcome him to our Board. We look forward to drawing on his wide-ranging expertise as we continue to grow and develop the Group.”

It is expected that Peter will serve on the Group’s Remuneration, Audit and Nomination Committees.

Breedon said it also expect to confirm the appointment of a further non-executive director before the end of this year.

Announcement of the appointment was made as the group revealed that revenue for the half-year was £378.4 million, up from £326.3 million in 2017 and underlying earnings before interest and tax (“EBIT”) increased by 17 per cent to £42.0 million.

Excluding acquisitions, both were marginally down against the prior year.

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