Interior solutions provider Havelock Europa has commenced a search process for a new finance head after it announced that Donald Borland will resign as chief financial officer and company secretary in April.

The interior design company, which is based in Kirkcaldy, also said that recently appointed head of finance Bruce Middleton will be responsible for all finance matters.

Mr Borland, who was previously finance director with Edinburgh-headquartered construction and housebuilding group Miller – only joined Havelock on April 26 last year.

News of his departure follows just after the group finalised a new financing deal that extends its existing senior debt facility of £5 million for two more years.

The package also includes additional subordinated debt financing of £3m over six years and a change to the deficit reduction contributions to the group’s pension scheme.

When the new agreements were revealed last month, chief executive Shaun Ormrod said he expected the new package to support the business back towards a position of “market leadership in the medium term”.

Announcing Mr Borland’s departure, Mr Ormrod said: “On behalf of the board, I’d like to thank Donald for everything he has done in his time in the role. He leaves with our best wishes for the future and I look forward to announcing a replacement at board level in due course.”

Shares in the company, which reported a pre-tax loss of £2.6m for the first six months of last year, were down 2.4 per cent at 4.00 pence per share on Tuesday.

When announcing its recent results the firm said it expects to continue to be in the red in the second half despite a “substantial improvement” in overall trading outlook.