Inspecs Group has announced a pending restructure just 11 days after delivering an unscheduled trading update that signalled 2024 results would fail to live up to the previous year.

In a new statement to its shareholders Friday, the eyewear specialist said Robin Totterman is to step down from his role as executive chair after the AGM in 2025. 

It said the search has already begun to find a new non-executive and independent director to assume the role of chair.

However, the board also said Totterman “remains critical to the future success of Inspecs” so he’ll continue to perform his day-to-day executive functions as well as remaining a director.

Meanwhile, the board is also “determined” it will undertake a “full review of its balance and composition” that will “take full account of generally accepted principles of good corporate governance”.

Totterman said: “This change to my role reflects a continuing commitment to the evolution of the Group and its governance structures since it listed in 2020. I remain fully committed to Inspecs and will continue to contribute fully to its future success.”

The move comes after that earlier announcing that its full-year performance will be below that of the 2023, following some Q4 issues.

The company — which has the license for brands including Barbour, Joseph, Radley, Superdry, Temperley and Viktor&Rolf, among others — said the final quarter’s improvement in sales has been “weaker than anticipated”. 

And due to the slower recovery in its European markets and the deferral of orders for some of the group’s larger customers into 2025, it now expects to report revenue for the year to 31 December of £197 million from £203.3 million a year ago.