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The Original Factory Shop (TOFS) has appointed experienced retail leader and its former commercial director Tim Bettley as its new managing director.
Bettley was most recently commercial director at Poundland and Dealz, and before that operated in the same role at TOFS from 2015 and 2018, during which time the business said he was responsible for securing “the great deals which TOFS customers expect”.
Bettley brings extensive experience, having also been non-food commercial director at Morrisons, where he led the launch of the Nutmeg clothing brand and managing director of value fashion chain Peacocks among other roles over his 35 year plus career.
Bettley said: “I am looking forward to revitalising TOFS. I know the special relationship which the brand has with its customers and I will be focused on ensuring that sits at the heart of our business going forward. It will be good to be back working with the great TOFS team, many of whom I know from my previous time with the company.”
He succeeds Ian Williams as chief executive. Having successfully guided TOFS through its recent sales process to Modella Capital, Williams stood down in early April.
TOFS is reportedly in negotiations with its landlords to reduce the rent of around 88 of its stores as its new owner looks to cut costs as part of a turnaround plan. Last month, it was reported that Modella had launched a company voluntary arrangement (CVA), a last-ditch restructuring process, handled by Interpath Advisory with creditors asked to vote on the plans at a meeting in mid-May.
This news follows reports that Hobbycraft, which Modella also owns, is launching its own CVA which would entail the closure of nine shops.
