Ayling takes Sanctuary with role of chairman

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The Independent Online

Bob Ayling, the former chief executive of British Airways, was named chairman of the struggling music company Sanctuary yesterday.

Mr Ayling left the airline in March 2000 with a £2m pay-off and a £260,000-a-year pension. He said yesterday: "Before its recent troubles, Sanctuary was successful over many years. The board is determined that it should be successful again."

Earlier this month, Sanctuary completed a £110m fundraising to escape the debt accumulated during its expansion drive into the US. Its debts stood at £155m before the fundraising and about £35m afterwards. Bank of Scotland is providing a facility of £65m. Shares in Sanctuary edged 0.5p higher to 51p yesterday.

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