Vanco Appoints New Group Finance Director

Vanco, the global Virtual Network Operator (VNO), has appointed Peter Johnston as its new Group Finance Director. Peter will join the Board of Vanco on 1 September 2007. He takes over the position from Simon Hargreaves, who was promoted to the role of Managing Director of Vanco Solutions in March 2007.

Peter, aged 43, has a law degree from the University of Durham and qualified as an ACA with KPMG in 1989. After leaving KPMG, he held finance positions with BET plc and Shanks Group PLC. In 1995, he joined Thorn Lighting Group Ltd, which was owned by a private equity group headed by Investcorp, where he carried out a variety of roles including Group Planning Director, European Finance Director and General Manager Central Europe.

In 2001, he was placed by Investcorp as Group Finance Director in The Polestar Group Limited (“Polestar”), Europe’s largest independent printer, with a remit to restructure the business. This concluded in 2006 when he managed a £1.1 billion refinancing in which ownership of Polestar passed from Investcorp to a banking syndicate comprising Bluebay, JP Morgan and others. Since this transaction, Peter has continued to work for Polestar.

Allen Timpany, Chief Executive of Vanco, said, “We are delighted to announce the appointment of Peter Johnston. He is a highly experienced and capable finance director who will make a strong contribution to the Group as it continues to grow significantly. I would like to thank Simon Hargreaves, who was promoted to Managing Director of Vanco Solutions in March, for his immense contribution as Finance Director over 12 years, during which period, the company’s revenues increased from £4m revenue to £183m.”

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