Nisa interim CEO named as firm posts positive half-year results

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Nisa has appointed Arnu Misra as its Interim Chief Executive, after Nick Read stepped down on September 29th.

The news comes as the convenience grocery retailer and wholesaler recorded what it called a “positive” first-half period for the 26 weeks to October 1.

Misra has held significant senior executive roles at Matalan, Asda, and Loblaw’s in Canada and also spent six years as the chief executive of private equity backed Cannons Health.

Misra takes over the role from Nick Read, who joined in December 2014 with a remit to stabilise and set out a future strategic direction for the company and its members.

Misra said: “I am pleased to be leading Nisa at a time of great change for the convenience sector as top-up shopping continues to increase.

“I have spent many years working in the retail industry and am looking forward to drawing on this experience to provide Nisa Members with an exceptional value proposition that delivers for their customers.

“I am pleased to see strong new Member recruitment in our H1 numbers and look forward to a busy final quarter, as the important festive trading seasons draws near.”

The business also released its half year trading results for the 26 weeks to 1 October 2017, showcasing an increase in sales of £728m, up 12.4 per cent on last year.

Sales at the business have been driven by strong growth in new stores and new member recruitment, with 409 new stores joining the business in H1, compared to 188 in the same period the year before.

Nisa chairman Peter Hartley said: “I am pleased to report strong trading in the first six months of the year. We have continued to serve our existing members well, and as a result new Member recruitment has shown significant gains.

“We are delighted to have Arnu as Interim Chief Executive; he has a wealth of retail experience and is ideally placed to lead Nisa as we seek to optimise the service, benefits and opportunities we can bring our members.”