Belvoir’s chief executive Dorian Gonsalves has stepped aside, just ahead of the company’s full-year results being announced to the stock exchange.

The decision was his own personal choice, and he has taken up a new role at Belvoir as director of commercial and franchising.

The new CEO is Carl Chadwick, who has been promoted from his former role as finance director.

In a statement, Belvoir emphasised that Chadwick will be “fully supported” by Gonsalves.

Belvoir also announced the appointment of four non-board executive directors. Investment in the senior management team amounts to around £350,000.

In addition, it has been revealed that a further £5m of investment in Belvoir was raised towards the end of last year, which has yet to be deployed. A spokesperson for the company said: “Dorian and the team are working on a number of exciting acquisition targets.”

Mike Goddard, founder of Belvoir and its executive chairman, said: “I am incredibly proud of everything that Belvoir has achieved in the past 19 years. It gives me enormous pleasure to announce that a strengthened new senior management team has been put into place.

“I am very confident that these changes will lead to increased success for our franchise owners whilst also raising Belvoir’s standing in the market and benefiting our shareholders.”

Gonsalves said: “It has always been my vision to put into place a senior management team that will enhance and improve the infrastructure of Belvoir.

“I initially joined Belvoir in 2005 when it was valued at only £4m. Today Belvoir’s profits have risen to over £1.5m and turnover to over £4m. During this time I have achieved most of the challenges that I set myself.

“With the full support of the network and our skilled team at central office, I have seen the company through the most difficult economic downturn in living memory and steered us through a stock market flotation in 2012.

“Our business has grown every single month since we opened in 1995 – a major achievement considering that we have come through the deepest recession since 1920.

“When Belvoir first floated on the stock market in February 2012 we had 26 staff at Central Office and we now have a total of 78, including the directors, which goes some way to demonstrating the level of growth the company has undergone.”

“Carl Chadwick is exceptionally skilled at corporate finance and the plc side of the business, whilst my passion lies with developing the Belvoir business, property management and franchising. These changes in the senior management team reflect a better division of our skills.”

Chadwick, pictured, said: “Belvoir performed well during the recession, but I am acutely aware that the business needs to continue to evolve in an increasingly competitive environment.

“I strongly believe that Belvoir is one of the most responsible, ethical and well-positioned franchised businesses in the industry and has a 19-year track record to prove it.

“We have shareholder investment to spend on acquisitions and we are now in a position to able to offer loans to our franchise owners in order to facilitate the growth of their businesses, which is a very exciting proposition.”

Carl Chadwick, Belvoir