"The changes undertaken now will ensure that we can continue to develop TMG Direct as well as our founding Directly Authorised brands."
As part of the restructure, Scott Thorpe will take over as CEO and Jonathan Needham becomes managing director, whilst Dave Corbett remains recruitment and brand development director.
Martin Stewart, co-founder of TMG, will step down with immediate effect but will continue in an advisory capacity to help support the Group's growth plans.
Scott Thorpe, CEO of TMG, said: “This is just the next phase in the development of the business which has enjoyed phenomenal growth over the past 12 months. The changes undertaken now will ensure that we can continue to develop TMG Direct as well as our founding Directly Authorised brands. The share restructure allows us to also look at awarding equity to our existing founder partners which was something we have been looking to do for some time.”
Martin Stewart commented: “This is a good move all round for TMG. Sometimes founders can get end up getting in the way of the business they helped create in the first place. The restructure gives the Group room to continue its expansion plans without distractions and allows me to maintain a significant shareholding. I look forward to continuing to help Scott and the rest of the management develop TMG into one of the best distribution companies in the industry."
