Thursday 11 July 2019 8:35 pm

Interserve taps turnaround veteran Alan Lovell as new chairman

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.

Read more: Interserve chairman Glyn Barker prepares to step down

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.

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.

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

Read more: Outsourcer Interserve went into administration owing more than £100m to creditors

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.

Main image credit: Getty