Nick Varley and John Letham, founders and Co-CEO’s of UK distributor Park Circus, will leave the firm at the end of March 2019, the company has announced.

The board will now begin the process of finding a replacement CEO. Recruitment outfit Nurole has been appointed to lead the search. Letham and Varley will support the recruitment process and subsequent management transition. After March 2019, Varley will remain on the board as a non-executive director while Letham will focus on his executive coaching and training business.

After launching the indie outfit in 2003, Park Circus has established itself as a skilled distributor of Hollywood, Brit and independent back catalogues. The valued company reps more than 25,000 films, including the libraries of all the major Hollywood studios.

In recent years the company has added worldwide distribution of first-run independent titles and now also operates an international film sales arm. The company has a presence in Glasgow, London and Los Angeles.

Thomas Hoegh’s Arts Alliance acquired the business in 2014.

John Woodward, Chairman of Park Circus Group said, “Nick and John have built a remarkable business with a passion for cinema embedded in its DNA. But now they want to move on to their next challenge and we obviously respect that decision. The lengthy transition period reflects the importance the Board attaches to finding the right CEO for the business who will also take Park Circus forward into its next phase of development. It is also important to us that going forward Nick will sit on the board of Park Circus Group as a non-executive director, so the business will also retain access to his deep knowledge and expertise.”

Letham added, “Park Circus has a vibrant future and I look forward to seeing it thrive under new leadership. Throughout the last fifteen years I have been driven by the buzz I always get from experiencing first-hand the audience reaction at screenings of the truly wonderful movies we have be able to bring back to cinemas; the result of the exceptional relationships we have developed with exhibitors and festivals worldwide who share our passion for films.”

Commented Varley, “I have been on the most amazing journey over the last fifteen years. Quite simply, I have had the time of my life. I have been lucky to have had the loyal support of a dedicated team at Park Circus as well as studio and distribution partners who have trusted us to nurture and care for their films. I will always be proud to have played a part in creating Park Circus. We always maintained it was about the films and what a privilege it has been working so intimately with the films I have always loved. It is now time though for the company to embark on a new journey. I wish the incoming CEO, whoever he or she may be, the greatest success.”