The parent company of communications agency Freshwater has appointed a new chief executive.
Existing group managing director, Angharad Neagle, has been tasked to implement its growth strategy following a £2.6m management buy-out.
The Cardiff and London based business, which had a turnover of £4.8m last year and employs more than 50 staff, is aiming to double in size over the next three years through a combination of organic growth and selective acquisitions.
Freshwater has not made any acquisitions since leaving AIM in 2010, focusing instead on consolidating its position in key markets such as healthcare and transport, but it is now looking to acquire businesses that would enhance both its sectoral strengths and its capabilities in growth areas such as digital, data, insight and evaluation.
Ms Neagle will become the new chief executive of both the parent company, Raglan House Holdings, and wholly owned subsidiary, Freshwater 海角视频. She succeeds John Underwood, who remains on the board.
Ms Neagle, 43, joined Freshwater in February 2008, after working in communications roles with the police, local government and in other PR and marketing agencies. She became director of Freshwater’s creative division in 2009 before being appointed group managing director in 2013 and joining the board in 2014.
In addition to driving Freshwater’s daily operations for the past six years, Ms Neagle has provided strategic counsel to some of the firm’s major clients.
Ms Neagle and Mr Underwood, along with fellow Freshwater directors David Howell, Haydn Evans, Aled Edwards and founder Steve Howell formed Raglan House Holdings to deliver a £2.6m buy-out of institutional and private shareholders who had invested after the company listed on AIM in 2007. Raglan House is 70% owned by Freshwater directors and employees, with the balance being held mainly by former directors, the Development Bank for Wales and Welsh private equity firm, Criseren.
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Raglan House chair, David Howell, said: “The appointment of Angharad is part of a long-standing succession strategy. She’s done a great job as group managing director and will now have a wider remit as we implement our new growth strategy, which includes selective acquisitions to enhance both our sectoral strengths and our capabilities in areas such as digital, data, insight and evaluation.
“Angharad knows the communications industry inside out and has reshaped Freshwater to keep us at the forefront of a fast-changing media environment, winning big awards along the way. She’s the natural choice to lead us through another exciting period of growth.
“I’d like to thank John for his outstanding contribution to the business, both as the board director leading our healthcare team and, over the last two and a half years, as chief executive. John is an incredible operator, and I’m pleased that we will continue to benefit from his energy and expertise, focusing on a number of new projects as a board member.”
Commenting on her appointment, Ms Neagle said: “I’m excited to be leading the business through its next stage of growth. The communication industry is constantly evolving, something that has intensified in recent years. Freshwater has been at the forefront of these changes, motivated by our passion to deliver excellence and achieve results that matter to our clients.
“It’s this commitment that has seen us build strong relationships with clients, most of whom have been with us many years. And it’s thanks to our talented team that Freshwater continues to flourish and go from strength-to-strength.”
Mr Underwood said: “I’m delighted to be remaining on the board to support Angharad, continue to build Freshwater’s specialist healthcare division and explore some innovative opportunities to diversify the traditional agency model.”