Lorcán Ó Murchú, the chief executive of pop-up hotel group Snoozebox, has resigned after just over a year in the role.

The company, which has caused its investors more than a few sleepless nights since it floated in 2012* at 40p a share, said its chairman, Chris Errington, will become executive chairman on a part-time basis.

Snoozebox is currently carrying out a “comprehensive review” and said the findings of that exercise will be published “shortly”.

The company was dubbed IPO of the year at Grant Thornton’s quoted company awards following its flotation in 2012 but has had a rocky life on the markets. In 2013, investors were forced to pump just over £10m into the business to prevent it running out of cash. The business ran into trouble in April of that year when its auditor forced it to delay publishing its results after identifying problems with the way it reported revenues.

Its shares have slumped in price to 1.625p since peaking at just over 75p a share at the start of 2013.

Snoozebox offers “portable” hotel rooms made out of shipping containers for events and festivals.

*Amended from an earlier version

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