InfraStrata CEO John Wood delivers robust operational update Watch Now

UPDATE 1-Interserve taps former Carillion director as chairman

Fri, 12th Jul 2019 07:54

July 12 (Reuters) - Britain's troubled outsourcer Interserve Group said on Friday Chairman Glyn Barker will be replaced by turnaround specialist Alan Lovell, who formerly chaired the restructuring committee of collapsed construction firm Carillion.

Lovell, currently non-executive chairman of Safestyle UK , will join on July 15. Barker will step down after leading the debt-laden company since March 2016.

Lovell was previously named a non-executive director and chairman of the restructuring committee of Carillion as part of an attempt to put together a rescue package for the company in its final 10 weeks of trading.

His appointment comes months after Interserve was placed in administration following a rescue plan that was rejected by its shareholders.

Britain's construction industry has been under intense pressure particularly since the collapse of Carillion, which forced regulators to tighten rules for private companies operating in the public sector. (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Arun Koyyur, Bernard Orr)

More News

Cello Health reports solid growth in 'strong' first half

(Sharecast News) - Advisory group Cello Health anticipates that full-year earnings will "at least be in line with current expectations" after recording growth across the whole business.

Today 09:44

Stonegate to buy EI Group for ?1.3bn

(Sharecast News) - Pub company EI Group saw its shares rocket on Thursday as it agreed to be bought by Slug & Lettuce owner Stonegate for £1.3bn.

Today 09:38

Minds + Machines announces share buyback following 'healthy' H1

(Sharecast News) - Domain registry business Minds + Machines revealed plans for a £1m share buyback on Thursday following "healthy" growth throughout the first half of its trading year.

Today 09:36

Aeorema Communications set to beat annual profit forecasts

(Sharecast News) - Aeorema Communications shares jumped on Thursday after it confirmed that its annual profits have exceeded expectations following a strong end to its fourth quarter.

Today 09:32

Login to your account

Don't have an account? Click here to register.