Iomart Group plc, the Glasgow-based secure cloud services firm, announced the appointment of former Alba bank executive Matthew Waymark as chief financial officer, effective September 14, 2026.

Iomart shares have fallen about 95% over the last five years to around 14p, slashing the Glasgow company’s stock market value to a mere £16 million.

“Matt’s appointment follows a thorough and comprehensive process undertaken by the Nomination Committee,” said Iomart.

“Matt is an accomplished executive finance leader with a proven track record in driving business strategy and transformation in both large listed and small start-up businesses.

“His experience spans roles at NatWest Plc, including as the Finance Director of the Commercial & Institutional Division as well as previous roles as Director of Investor Relations, Head of Group Financial Planning & Analysis and Director of Finance.

“Most recently, Matt was the CFO at a start-up bank. Matt trained as a chartered accountant at Deloitte.”

Alba Bank was founded by Scottish entrepreneur Jim McColl in 2018 to provide commercial finance to UK SMEs, which it said remain underserved by mainstream banks.

Waymark said: “I am delighted to be joining iomart at this important time for the group.

“I look forward to working with the board and the wider team in rebuilding growth momentum and the delivery of its strategic priorities. This is a business with real ambition, and I am looking forward to contributing to its next chapter.”

Iomart executive chair Richard Last said: “We are pleased to welcome Matt to Iomart as our new Chief Financial Officer.

“Matt was selected following a thorough and rigorous process, and the board is confident that his experience and financial leadership will be a significant asset as we continue to execute our strategy and deliver value for shareholders.

“On behalf of the board, I look forward to working closely with Matt as he joins the team.”