Jarvis parts company with finance chief
Engineering group Jarvis today said its finance chief was leaving following the firm’s decision to quit its London headquarters.
Jarvis said group finance director Alistair Rae had decided he did not want to leave the capital when the corporate head office relocates to York next month.
It said Mr Rae would leave the company in the near future after a “suitable handover” to his successor, Alasdair Marnoch.
Chartered accountant Mr Rae became finance director at Jarvis last year after joining the firm as its director of corporate communications in 2001.
Jarvis said he had made a “significant contribution” to the group’s struggle for survival in the last year after it became engulfed by debts of more than £230m (€334m) due to over-ambitious bids for Private Finance Initiative (PFI) contracts.
The firm has lost a number of contracts following problems in its accommodation services division and was involved in several rail incidents including the fatal Potters Bar crash.
It voluntarily handed back its rail maintenance contracts to Network Rail, which was followed by NR’s decision to take all maintenance in-house.
Under the guidance of new chief executive and corporate turnaround specialist Alan Lovell, Jarvis has embarked on a financial restructuring and decided to focus on road, rail renewal and plant hire work.
Mr Lovell said Mr Rae had been central to the group’s success in maintaining the support of its lenders and agreeing extensions of their facilities.
“Having decided he does not want to transfer from London when the headquarters relocates to York, Alistair leaves with the good wishes of the board and his executive team colleagues,” he said.
Chairman Steve Norris said Mr Rae, who was acting finance director prior to taking the position permanently, had done “crucial work” in taking over the role “at a critical time in the company’s history”.
“My colleagues and I wish him well for the future,” he said.
