Enterprise executive reshuffle poised if refinancing deal goes ahead

10 May 2010 by
Enterprise executive reshuffle poised if refinancing deal goes ahead

Enterprise chief executive could step into the role of chairman and allow chief operating officer Simon Townsend to succeed him if a £1b refinancing deal goes through.

Townsend could succeed Tuppen within the next 18 months, according to reports in the Times today. The paper claimed that changes at senior management level could take place once Enterprise had refinanced.

The company, which Tuppen founded 20 years ago, is expected to announce some sort of refinancing deal by as early as tomorrow, as it reveals its financial results for the first half of the year.

The news eases concerns that the company, which had a net debt of £3.6b at the end of September 2009, will have to turn to its shareholders for cash.

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