Schatz out as Stanfords raises cash

<p>Travel retailer Stanfords has raised &quot;hundreds of thousands&quot; of pounds from a right issue, which will be used to fund new IT systems, marketing and outstanding pensions liabilities. The rights issue has been followed by a change in senior management.<br /><br />Douglas Schatz, managing director, will leave the company later this month. He has worked at Stanfords for 20 years. </p><p>He said: &quot;It&rsquo;s been an enormous privilege to be part of this unique business, and while I will miss my Stanfords friends and colleagues, I am planning to pursue several exciting ideas in the world of books and digital publishing.&quot;<br /><br />Schatz told <em>The Bookseller</em> this was likely to still be in travel, with developing travel guides on mobile phones one option he was pursuing.&nbsp;</p><p>Chris Powell, who has been in charge of the business division for the past three years, has taken over as m.d. He previously worked for corporate finance firm Charterhouse Development and boutique Pharos.</p><p>Dougal Philip, Stanford&#39;s chairman, will also step down from the board after serving 15 years as a director and the past eight as chairman.<br /><br />In a statement, Stanfords said the rights issue would help fund future growth. It said: &quot;The new investment will help to fund the introduction of new IT systems and additional marketing initiatives for its retail and online businesses.&quot;</p><p>Vivien and Joseph Godfray have become majority shareholders in the business. Vivien had been a non-executive director for the past five years and Joseph has now joined the company&#39;s board.<br /><br />She said: &quot;The challenge ahead is to continue to build upon our successful 156-year history over which Stanfords has built an internationally renowned brand. We recognise that the needs of our customers have changed and we will continue to adapt our brand and the products and services that we offer.&quot;</p>