Description of the business

 

RL Automotive is an established distributor of tyre service products in the UK marketplace and sells its tyre wear and pressure measurement products into the world market. The Company carries a range of more than 2000 products which are distributed to a large number of customers across the UK and overseas.  Most products are distributed from a centralised warehouse via overnight courier.  Customers receive catalogues, promotional flyers and sales visits. The Company’s measurement products help to maximise tyre performance, thereby extending tyre life and saving costs.  Products include the Tyre Scanner, which is used by Formula 1 teams to assess tyre wear for race performance.

Board of Directors

Non-executive Director and Chairman of the Board: Sir Robert Malpas

Sir Robert Malpas CBE began his career at ICI, where he spent 30 years, becoming a Director in 1975. His other directorships have included: managing director of BP PIC (1983-1989); chairman of Powergen (1989-1990); and chairman of the Cookson Group PIC (1991-1998). Sir Robert has a first class degree in mechanical engineering from Durham University as well as six honorary degrees. Sir Robert has been awarded the Spanish Order of Civil Merit and a CBE for services to export. Sir Robert was knighted in 1998 for his services to industry and to science and technology.

CEO: Mark Longden

Mark Longden co-founded the Company in 1998 after a career in London with HSBC and Lehman Brothers.  At Lehman Brothers Mark was responsible for European Equity Product Marketing.  Mark has been a Non-Executive Director of Circuit World Corporation and Simmonds Capital Limited, both of which were quoted on the Toronto Stock Exchange.  Mark also has a physics BSc.

Executive Director and Company Secretary: Nick Radclyffe

Nick Radclyffe co-founded the Company in 1998 after working in London for Lehman Brothers and Nikko Securities.  Prior to this Nick worked in industry as a district manager for Bradford & Bingley and as an area manager for John Smith’s brewery.

Non-Executive Director: Roger Brooke

Roger Brooke was founder and chief executive of Candover Investments.  He was also director of Innisfree (market leaders in PFI) and is a director of IP Group (specialists in organising and financing University spin-outs). 

Non-Executive Director: Dr. Jonathan Ingram

In 1996 Dr. Ingram sold Reflex Systems to Parametric Technology Corporation, a NASDAQ listed company. Subsequently Dr Ingram was appointed Chief Technology Officer at Parametric Technology Corporation. Dr Ingram is also the Company’s Chief Technology Adviser.


 

Company Details

 

Company Secretary and Registered Office

 

Park 34, Didcot Oxon OX11 7WB

 

Contact: Nick Radclyffe

 

Financial Adviser

 

KBC Peel Hunt Limited, 111 Old Broad Street, London EC2N 1PH

 

Solicitors

 

Hammonds, 7 Devonshire Square, Cutlers Gardens, London EC2M 4YH

 

Accountants

 

Royce Peeling Green Limited, The Copper Room, Manchester M3 7BG

 

Country of incorporation and main country of operation

 

The Company was incorporated in England and Wales as a private limited company in July 1998 with registered number 3602240.  RL Automotive is the trading name for RL Capital Limited.  RL Automotive Limited (Company Number: 03983171) is a dormant wholly-owned subsidiary of the Company. The UK is the Company’s main country of operation.

 

Corporate Governance

As a private, unlisted company, the Company is not required to follow any of the corporate governance codes prescribed or recommended for London Stock Exchange listed or AIM companies.

Nevertheless, the Board recognises the importance of good corporate governance and supports the principles underlying the Combined Code on Corporate Governance as appropriate for a company of the size and maturity of the Company.

The Board includes three Non-executive Directors of whom Sir Robert Malpas is designated as the senior Non-executive Director and Chairman of the Company.

The Board has established Executive, Audit, and Remuneration Committees.

The Executive Committee is responsible for overseeing the Group’s operations. This committee consists of Sir Robert Malpas, Roger Brooke, Dr Jonathan Ingram, Mark Longden and Nick Radclyffe.

The Audit Committee is responsible for monitoring the quality of internal control and ensuring that the financial performance of the Group is properly measured and reported on and for reviewing reports from the Group’s auditors relating to the Group’s accounting and internal controls. The Audit Committee consists of Dr Jonathan Ingram as Chairman, Sir Robert Malpas, Roger Brooke.

The Remuneration Committee is responsible for determining the terms and conditions of service, including the remuneration and grant of options to executive Directors under the Share Plan. The Remuneration Committee consists of Roger Brooke as Chairman, Sir Robert Malpas and Dr Jonathan Ingram.