Support services group Jarvis has brought in a renowned American restructuring expert to advise it on its restructuring plan.
A Jarvis spokesperson confirmed this week that Eric Simonsen was working for the firm as an adviser but refused to comment on how long he had been there or what his specific role was. Simonsen is based at the company’s central London offices.
The spokesperson said: “He [Simonsen] is one of a number of advisers working with us at the moment.”
Jarvis’ banks are expected to decide on the restructuring plan for the firm, which is saddled with more than £200m in debts, by next week.
Simonsen’s experience includes a stint at telecommunications group Cable and Wireless’ US arm as a chief restructuring officer and financial officer. He is currently a principal at corporate troubleshooting firm AlixPartners and was also a former vice-president at finance company Allmerica.
A CV for Simonsen on the internet says: “Eric is well known for his ability to build participation in significant change among parties with diverse interests.”
Simonsen’s involvement comes a week after Robert Wallace, the new boss at Jarvis Accommodation Services, spoke out over rumours speculating that his £331m-turnover PFI division would be broken up.
He said the suggestion was “absolute nonsense” and also denied he had been brought in by Jarvis' banks.
Wallace, who joined on 1 July from Skanska, told Building last week: “I am here to do business for an indefinite period. I am not here as a hatchet man to close Jarvis Accommodation Services.”