M&B poach new FD from Interserve

BIRMINGHAM pubco Mitchells & Butlers has continued with its management shake-up in the wake of a bitter boardroom feud earlier this year which resulted in the ousting of former chairman Simon Laffin.

In a statement to the London Stock Exchange, M&B said it had now replaced finance director Jeremy Townsend with the current FD at services, maintenance and building group Interserve, Tim Jones.

Mr Townsend, one of the last surviving members of the board who clashed with leading shareholder Joe Lewis earlier this year over the future direction of the business, will leave his post at the end of August.

Mr Jones has announced his resignation from Interserve but under his contract, he has to give a 12-month notice period.

M&B said it was delighted to have secured the services of Mr Jones, who has worked for Interserve since 2003.

Prior to joining Interserve, he held senior financial positions at Novar, Exel, British Gas and Hambros Bank, both in the UK and overseas.  

In these roles he was responsible for a wide range of strategic, operational and corporate finance projects. He is also a member of the Institute of Chartered Accountants in England and Wales.

M&B confirmed that a start date had yet to be agreed.

Adam Fowle, M&B chief executive, said: “We are delighted to welcome Tim to the Board.  His wide experience will be of great value as we continue to drive the strong performance of the company.”

In a corresponding statement, Interserve said Mr Jones would remain with the firm for an “appropriate period” to ensure a smooth handover to his successor, whoever they may be.

Interserve has appointed headhunters to find a suitable replacement for Mr Jones, although the company has said internal candidates will not be excluded from consideration.

Adrian Ringrose, Interserve chief executive, said: “On behalf of our shareholders and everyone who has worked with and for Interserve, I would like to thank Tim for all his work over the last seven years. He has been a first-class finance director and we wish him well in his future career.”

Interserve is one of the world’s foremost support services and construction companies and has operations across the West Midlands.