Wilton & Bain Recruits CFO for Spring Fibre
December 6, 2023 – Wilton & Bain has assisted in the recruitment of Sarah Herriman as the new CFO of Spring Fibre in the U.K. Jay Siddiki, a partner in the global technology & digital infrastructure practice at Wilton & Bain, led the search. “Sarah joins Spring Fibre at a pivotal time for the business,” said Mr. Siddiki. “Her wealth of experience to operate and clinically execute for businesses zeroed in on growth will no doubt complement Spring Fibre’s ambition. With Gareth and Sarah at the helm, it kicks off a new era for the Spring Fibre team with lots to look forward to.”
Ms. Herriman brings extensive experience in optimizing financial performance and shareholder value in the telecoms sector. After serving as chartered accountant at PwC, she has held roles at Vodafone, Evero and most recently as director of finance at Neos Networks, an Infracapital and SSE Plc backed JV.
“I am delighted to be joined in the next stage of the Spring Fibre journey by Sarah,” said Gareth Greppellini, CEO of Spring Fibre. “Sarah joining reinforces the Board’s commitment to our growth agenda and Sarah’s support of our strategy. With initiatives already in motion, we look forward to an accelerated 2024 and celebrate Sarah being part of our leadership team.”
“We are thrilled to announce Sarah joining the Spring Fibre leadership team,” said Stuart Sutton, non-executive chair. “Sarah embodies the values and vision that drive our company forward and combined with a wealth of financial leadership and transformation experience, her appointment will significantly contribute to our continued growth and success.”
Wilton & Bain also recently helped to recruit Mr. Greppellini as Spring Fibre. With previous leadership roles at both Virgin Media/VMO2 and clean energy brand, Egg, Mr. Greppellini has a track record of strategy and transformation in the telecoms and utilities industry.
Spring Fibre launched in 2019, securing funding from a fund managed by River and Mercantile Infrastructure in July 2022, has rapidly grown and is rolling out high speed FTTP infrastructure across multiple locations across the U.K.
Founded in 2001 by Jeremy Mobbs and Ben Latreuille, Wilton & Bain provides executive search, interim management/consulting, and technology resourcing services to the technology, professional services, and converging digital markets. With offices in London, New York, Austin, Toronto, and Ireland, the firm has an expertise in technology to focus on digital transformation for clients across TMT, retail, consumer, financial services, insurance, and utilities.
Related: Wilton & Bain Adds Two New Practice Leaders
Mr. Siddiki joined the interim management practice in 2018, specializing in supporting clients within the telco, media & technology sector. Having specialized within the TMT sector for over 10 years, he collaborates with his clients, helping them attract CxOs, who drive business strategy through PMI/divestiture, business transformation, technology transformation, and TOM based organizational change.
A Second Management Buyout
Last year, Wilton & Bain secured investment from Beechbrook Capital to fund a second management buyout, bringing 12 new partners into the shareholding structure to support the future growth of the firm. There will also be a pool of unallocated equity for future individuals.
“Five years after Wilton & Bain’s initial MBO the firm has tripled in size and now takes another important step towards becoming a widely held partnership, with the support of our financial partners Beechbrook,” said Piers Marmion, chairman of Wilton & Bain. “This transaction endorses the resilience Wilton & Bain has shown and its rare growth prospects, recognizing the capability of its enlightened management and the strength of its compelling ownership culture, as it welcomes another 12 new partners as shareholders. As Wilton & Bain matures, unusually it is becoming more dynamic, driven by the collective force of partners who are now owners. Its prospects are exceptional.”
Beechbrook Capital, a specialist direct lender founded in 2008, invests in SMEs across a range of industries in the U.K. and Europe. By the end of June, the firm had raised more than €1 billion through eight funds and invested in 85 companies in the European lower mid-market, including 60-plus in the U.K. Beechbrook’s U.K. SME Credit funds provide finance to predominantly non private equity-backed SMEs in the U.K., investing between £5 million and £15 million per transaction.
Related: Wilton & Bain Recruits CCO and CTO for Community Fibre
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Executive Editor; Lily Fauver, Senior Editor – Hunt Scanlon Media
