Money: Interserve taps turnaround veteran Alan Lovell as new chairman - PressFrom - United Kingdom
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MoneyInterserve taps turnaround veteran Alan Lovell as new chairman

09:00  12 july  2019
09:00  12 july  2019 Source:   cityam.com

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Alan Lovell 's appointment will come as Interserve 's new owners plot to revive its fortunes, Sky News learns. An industrial turnaround veteran who was parachuted into Carillion just weeks before its collapse is to take on another big outsourcing job as the next chairman of Interserve Group.

Interserve is a multinational group of support services and construction companies based in the UK, with a revenue of £2.7 billion in 2018 and a workforce of 68,000 people worldwide.

Interserve taps turnaround veteran Alan Lovell as new chairman © Provided by City A.M. Ltd

Interserve is set to tap industrial turnaround specialist Alan Lovell as its new chairman as the beleaguered outsourcer looks to reverse its fortunes.

The appointment of Lovell, who was brought into Carillion just weeks before its collapse and has held a string of other high-profile roles over the last thirty years, will be unveiled tomorrow, Sky News reported.

The appointment will come as a welcome boost to Interserve, which fell into the hands of its lenders in March after briefly going into administration.

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Lovell is likely to take the reins next week and work with Debbie White to implement a new strategy put in place since the group’s rescue, according to the report.

The new chairman, who was formerly chief executive of construction giant Costain, will take over from Glyn Barker, who has led the troubled firm for three years.

Interserve’s collapse came after a lengthy battle with US hedge fund Coltrane Asset Management, its largest shareholder.

Interserve taps turnaround veteran Alan Lovell as new chairman © Thomson Reuters Interserve offices are seen in Twyford, Britain January 17, 2018. REUTERS/Peter Nicholls

The outsourcer was saddled with debt, and shareholders voted down a rescue plan which would have watered down their stake in the company significantly.

Interserve remains on the government’s list of so-called strategic suppliers, meaning it is one of their favoured contractors.

Interserve has been contacted for comment.

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