Hendy appoints Tim Issacs as executive chair while Daksh Gupta stays

Hendy has appointed former Cazoo chairman Tim Issacs as executive chair with immediate effect, while non‑executive chairman Daksh Gupta will become a non‑executive director. The change aims to add executive capacity during a critical transformation phase for the loss‑making dealer group.

Key takeaways

• Tim Issacs becomes executive chair of Hendy immediately.
• Daksh Gupta shifts to non‑executive director but remains involved.
• Hendy posted an £18.1 m loss in 2024 and expects a loss in 2025.
• Banking covenants were breached in September and December 2025.
• Recent board appointments include former Peugeot CEO Linda Jackson.

Executive chair appointment

Tim Issacs, who chaired the failed online retailer Cazoo, has been installed as Hendy’s executive chair. The board said his experience in transformation, performance improvement and change management will provide the additional leadership capacity needed to execute the group’s turnaround plan.

Issacs will work closely with CEO Paul Hendy, the board and senior management to deliver commercial insight, focus on performance actions and create long‑term value for the business.

Changes to non‑executive leadership

Non‑executive chairman Daksh Gupta, who also serves as CEO of building‑materials group Huws Gray and non‑exec chair of StackCX, will step down from the chair role. Gupta will remain on the board as a non‑executive director, contributing his experience while reducing his time commitment at Hendy.

The board noted that Gupta’s several other leadership responsibilities mean an executive chair who can dedicate hands‑on involvement is essential during this critical phase.

Financial performance and covenant breaches

Hendy reported an £18.1 m loss for 2024 and warned that 2025 is likely to show another loss. The South Coast business had posted a £7.1 m profit in 2023, highlighting the recent downturn.

Banking covenants were breached in September and December 2025, giving lenders the right to demand immediate repayment of loans. This followed an £11.5 m cash injection from shareholders in March 2024.

Board refresh and COO departure

The board has been refreshed with the addition of former Peugeot CEO Linda Jackson as a non‑executive director. At the same time, Hendy’s chief operating officer Duncan McPhee has left the group and will join another dealer shortly.

These changes are presented as part of a suite of “key actions” taken in response to market conditions and trading performance, aiming to stabilise the business.

What this means for dealers

The appointment of an executive chair signals a more hands‑on approach to turnaround, which may accelerate decision‑making and operational changes across Hendy’s network. Dealers should watch for potential restructuring, revised commercial terms and a focus on cash flow discipline as the group works to meet covenant requirements.

Continued involvement from Daksh Gupta and the addition of experienced board members such as Linda Jackson could bring fresh strategic perspectives, but the ongoing losses and covenant breaches underscore the importance of careful supplier and financing relationships for all dealers in the market.

Frequently asked questions

What role will Tim Issacs play in Hendy’s turnaround?

As executive chair, Tim Issacs will provide day‑to‑day executive capacity, working with the CEO and senior team to implement performance‑driving actions, improve commercial insight and oversee the delivery of the transformation plan.

How does the change in leadership affect Daksh Gupta’s involvement?

Daksh Gupta will move from non‑executive chairman to non‑executive director, remaining engaged in a strategic advisory capacity while reducing his direct time commitment, allowing him to focus on his other senior roles.

Will Hendy’s financial situation improve with the new appointments?

The new leadership aims to address the £18.1 m loss reported for 2024 and the expected loss in 2025 by tightening operational performance and meeting covenant requirements. Success will depend on effective execution of the transformation agenda and management of cash flow pressures.