The boss of Peterborough’s Ideal Shopping Direct has been named the Midlands’ chief executive of the year.
The accolade has been presented to Mike Hancox, who has been chief executive of the TV shopping channel for nearly eight years.
I am delighted to have accepted this award on behalf of the team.Mike Hancox, chief executive
He is credited with transforming the Newark Road-based company from a loss maker into a profitable and growing company employing 398 people in the UK and 1,000 worldwide.
Mr Hancox was chosen by the judges of the prestigious British Private Equity & Venture Capital (BVCA) Management Team Awards.
Ideal Shopping Direct was bought by US private equity firm Blackstone in September last year from former owners private equity company Inflexion, which had owned it for four years.
A spokesman for the judges said: “Mike was recognised as Midlands CEO of the Year for his impressive achievement in transforming the performance of Ideal Shopping Direct since his appointment in 2008.
“He led the turnaround strategy, taking it from a loss-making business in 2008 to a profitable and steadily growing business by mid- 2009, as well as increasing employee numbers.
“Michael has significant senior leadership experience having previously held the CEO posts at Shop Direct and Otto UK.
He added: “Exceptional performance is being achieved partly through innovation, notably in the craft sector, and development of the US business.”
Afterwards, Mr Hancox said: “I am delighted to have accepted this award on behalf of the team.
“The business is well positioned in a growing market.
“We have had a solid performance, our customer numbers are growing and we are actively recruiting new colleagues.
“Our customers are clearly enjoying watching and shopping with us and a huge part of this is down to the talent and hard work of the team in Peterborough.”
Mr Hancox’s success means he is automatically entered into the national awards, which take place in December.
The BVCA management team awards are held jointly with accountants and business advisers Grant Thornton UK.
Now in its eighth year, the awards are seen as a platform for management teams across the country to demonstrate their vital contribution to the UK economy.