Gary Gerrard has been appointed non-executive director of Balmoral Group Holdings Ltd

Former corporate banker, Gary Gerrard has been appointed non-executive director of Balmoral Group Holdings Ltd, the Aberdeen-based buoyancy, insulation and elastomer product manufacturer.

Gerrard held a variety of roles during his 28 year career with Bank of Scotland and, more recently, Lloyds Banking Group. His senior positions at BoS included head of corporate banking in Scotland and regional MD of the corporate real estate business covering Scotland and the north of England.

He left Lloyds in December 2010 to concentrate on other commercial interests in the oil & gas and property sectors. Gerrard proposes taking on one or two other non-executive positions and working with businesses providing debt advisory and restructuring support. Plans for the future include the possible establishment of a commercial property fund.

"I am delighted to be joining Balmoral at such an exciting time in the Group's development."

Jim Milne, chairman and MD of Balmoral, said: “We developed a strong working relationship with Gary when he was with the Bank of Scotland and I am delighted that he is joining the board.

“He will have a wide remit to advise and assist with all aspects of the Group's business. I have absolutely no doubt that his experience will be of great benefit to the company.”

Gerrard commented: "I am delighted to be joining Balmoral at such an exciting time in the Group's development. The company has market leading products and technology, talented and hard working employees and is in excellent financial shape.

“I have known Jim Milne and his management team for over eight years and it is a privilege to be given this opportunity to join the main board of Balmoral Group.

“Three years ago Balmoral was trading at break even with over £20m of debt. Today, the Group is highly profitable, has largely repaid its debt from internal cash generation and has a very strong balance sheet.

“This is one of the most amazing turnaround situations that I have seen in my banking career and pays testament to Jim Milne and his management team. It is a tremendous success story for Aberdeen."