Good Spirits Hospitality independent chairman, Duncan Makeig has resigned, effective from the company’s June board meeting after three years leading the the hospitality company.
In an announcement to the New Zealand Stock Exchange (NZX) this morning, GSH said during his tenure the board had to navigate many challenges, in particular the severe impact on trading due to the advent of Covid-19 and resultant operating restrictions.
Duncan Makeig is a businessperson who has been at the head of five different companies including Independent Chairman of Good Spirits Hospitality Ltd, and Chairman at Curing Homesickness Ltd. Mr. Makeig’s background includes the board of The Better Bar Co. Ltd., Endeavour Group Ltd. (Australia) and Wirrabilla Pastoral Pty Ltd and Chairman at the Sydney Children’s Hospital Foundation, and Owner at Royal Hotel (Wyong).
In his past career Mr. Makeig held the position of Chairman of Heineken Lion Australia Pty Ltd., Chairman for Banksia Wines Ltd., Principal at Lion Nathan Pty Ltd., Principal at China Road & Bridge Corp., Managing Director-Lion Asia Dairy at Lion Pty Ltd., Secretary & General Counsel for Lion Pty Ltd. and General Counsel for Tricon Restaurants International.
The challenges tossed up by Covid witnessed Good Spirits Hospitality make a substantial equity for loan variation deal with lender Pacific Dawn, followed by a series of interest waivers, losses, withdrawn acquisitions and liabilities exceeding assets, at its recent half-year reporting balance date.
“The board and management are now seeing the underlying business recover strongly under the leadership of Geoff Tuttle, and Duncan Makeig feels the time is right to step down from the board and focus on other business interests,” the company said in its statement to the NZX.
“Mr Makeig says he has enjoyed working with the board and management and is confident in its ability to rebuild revenue and profitability. He is also proud of the resilience its people have shown throughout the pandemic and wishes the company the best for the future.”
Makeig will still have his hands full sitting on the board of Australian Stock Exchange (ASX) -listed Endeavour Group, a hospitality spin-off’ of Woolworths which owns the Dan Murphy’s and BWS liquor retailers, as well as over 300 licensed venues.
Existing GSH director Matt Adams will replace Makeig as the chair after next month’s board meeting. Adams has been a director since December 2019 and is currently chair of the Audit and Risk Committee.
Good Spirits shares last traded at 4.7c, down 41.3% in 12 months.
