SUPERGLASS Holdings, the Scottish insulation maker, has said the company's chairman John Colley will resign from its board next month.

Stirling-based Superglass said Mr Colley had given notice of his intention to resign from the board with effect from 19th June after more than three years involvement with the company.

Mr Colley has led the board during a challenging period for the firm, which employs around 160 people in Stirling.

Superglass ran up hefty losses amid disappointing sales under government schemes that were meant to boost demand for insulation.

A veteran of the building materials industry, Mr Colley became chairman in March 2012 when he said there was a lot of work to be done to turn around the company.

During his time as chairman Superglass has raised around £19m from investors and completed a significant restructuring. In October Swedish investor Peter Gyllenhammar took a 38.9 per cent stake in Aim-listed Superglass after investing £3m.

The company has refocused its sales effort on supplying housebuilders and construction firms, rather than on the market for retrofitting insulation in existing buildings.

It has completed cost cutting moves and invested in increasing efficiency at its plant.

In March the company announced it was parting company with chief executive Alex McLeod.

When Superglass announced a fall in first half losses last month Mr Colley said the turnround remained broadly on track.

Superglass cut losses before interest, tax, depreciation, amortisation and exceptional items, to £3.1 million in the six months to February, from £3.5m in the equivalent period last year.

The company said it will appoint a new chairman in consultation with major shareholders.

Mark Cubitt, formerly chief financial officer of Wolfson Microelectronics, has been appointed senior independent non-executive director.