Managing director quits Grantham business Downtown
The managing director of Oldrid & Co Ltd, which runs Downtown in Grantham, has left the business.
The company has confirmed that Richard Broadhead has left and has been replaced by the former finance director Peter Isaac.
The company has not given any details about Mr Broadhead’s departure but it is understood that he left the company following a vote of no confidence at a recent shareholders’ meeting.
A spokesperson for Oldrid’s said: “Following the departure of Richard Broadhead, Peter Isaac, previously finance director has been appointed as the managing director of Oldrid & Co. Ltd.
“Peter brings a vast amount of experience and knowledge to this position. He has held senior roles in several businesses over the last 20 years and served on the Oldrid’s board as a non-executive director from 2012 until he was appointed to the position of finance director in 2016.
“In this position he has played a key role in successfully steering the company through significant changes and restructures as well as surviving the consequences of the global pandemic. The board are of the view that Peter is the right person to lead the company forward, including Downtown Stores, as we look to the future.”
Mr Broadhead was MD at the company from 2017. While he was with the company, it announced major plans to develop a designer outlet centre on the Gonerby Moor site with more than 100 individual designer outlet stores, 1,979 parking spaces, offices, leisure provision, a training academy and a multi-storey car park.
Little progress seems to have been made with the £125 million plans since they were given outline planning permission at the end of 2021.
Plans for another designer retail outlet south of Grantham between the A1 and Spittlegate Level seem to be making progress. The developer, Rioja, says it is due to be opened in 2025 and construction work will begin on site later this year.
Rioja managing director Giles Membrey said this week there was no room for two designer retail outlets in Grantham.
