Founder quits to try elsewhere

GARRY Garside, the founder of local corporate health operator Endeavour Health, has quit the troubled company, leaving chief financial officer Ian Callahan at the helm.

Endeavour has only recently sold its Melbourne assets to Mayne Nickless in a deal understood to be worth more than $15 million.

Industry insiders suggest pressure from Endeavour’s major investors, which include Kerry Packer’s CPH Investment Corp, Colonial First State and Richard Pratt’s Thorney Holdings, and their involvement at a strategic level prompted Mr Garside’s decision to leave the company.

“The major shareholders control the board and the strategy,” an industry analyst said.

“They’ve always been pretty active.”

Mr Garside was unwilling to make any comment on his departure.

Endeavour was Mr Garside’s vision but the company’s rapid expansion, compounded by problems in the industry sector in WA, has played a role in Endeavour’s disappointing performance.

Mr Callahan said Endeavour would be pursuing a slightly different strategy in the future.

He said the strategic shift was part of the natural evolution of the company rather than the result of pressure from the company’s core investors.

Foundation Healthcare’s most recent monthly results reveal a first half loss before tax and amortisation of $2.2 million.

The December results reveal sales are down by $1.8 million on November and a loss before tax and amortisation of $490,000.