Monday 17 June 2019 2:43 pm

Interserve chairman Glyn Barker prepares to step down

Interserve chairman Glyn Barker is preparing to step down following deal that saw the struggling outsourcing firm taken over by a consortium of its lenders.

The company is working with recruitment search firm Heidrick & Struggles to appoint a successor, Sky News reported.

Read more: Interserve went into administration owing suppliers £100m

Barker, who was appointed as Interserve chairman in March 2016,  previously held several senior roles during his 35 year career at Pricewaterhouse Cooper.

He is currently a non-executive director at Aviva, Berkeley Group, Irwin Mitchell and is an adviser to Novalpina Capital.

Interserve briefly fell into administration earlier this year after shareholders rejected a plan to alleviate most of its £630m debt pile.

Lenders including RBS and hedge fund Davidson Kempner bought the company out of administration via a pre-pack arrangement.

All existing shareholders, including US hedge fund Coltrane Asset Management which had been railing against the rescue deal, were wiped out in the administration.

Read more: Interserve kicked off late payment list

Coltrane had been opposed to the terms of the deal, which diluted shareholder value in the outsourcer to five per cent.

City A.M. has contacted Interserve for comment.