Highbury House Communications has announced the departure of Mike Frey, chief operating officer of the group revealing the news in a statement to the city this morning.
According to Highbury, Frey left the company by mutual consent with immediate effect and will not be replaced.
Last month, Highbury appointed Kelvin MacKenzie as executive chairman of the company after he purchased 15,500,500 ordinary shares in the firm, bringing his stake to 19.82% (see Highbury Appoints MacKenzie As Chairman).
In its latest trading statement Highbury revealed that revenues for the first half of 2005 were down by 28% year on year to £39.6 million, resulting in an operating loss of £2 million (see Highbury Revenues For First Half 2005 Down By 28%).
Total operating losses were shown to be £11 million, compared to £22.9 million last year, with revenues for continuing operations down by 8.2% to £14.5 million, resulting in an operating loss of £0.8 million.
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