Troubled consultant takes on Tim Redburn in a bid to save company
Troubled consultant Erinaceous has appointed Tim Redburn as its interim chief executive in a bid to get the company back on its feet.
Redburn, who most recently worked at health club chain Esporta, has extensive corporate restructuring experience. The move comes as the company warned its full year results would be significantly below earlier expectations, sending its shares down 25%.
Redburn has held senior roles at a number of companies, including Simon Group, NightFreight and Dan-Air, and was also previously a non-executive director of Chestertons.
Redburn’s appointment comes weeks after former chief executive Neil Bellis stepped aside to a deputy chairman role following fierce criticism from shareholders over the company’s performance.
Chairman Nigel Turnbull has been handling the running of the company in the intervening period.
Hedge fund Fursa, a major shareholder in Erinaceous, is currently waging a campaign to have Bellis and his sister in law Lucy Cummings, the chief operating officer, removed from the board.
Turnball said: “Tim has been outstandingly successful in a variety of business turnaround challenges and has exactly the skills and expertise to put Erinaceous back on the road to recovery.”