Jarvis chief moves to Terra Firma

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The Independent Online

Jarvis, the engineer embroiled in the Potters Bar rail crash, will announce the departure of its chief executive, Alan Lovell, today. The man who nursed Jarvis back to health after it came close to collapse is leaving to join Guy Hands' private-equity group, Terra Firma.

Mr Lovell, who always made it clear he intended to stay for a limited period, was courted by a number of venture capital groups. He chose Terra Firma because it wants him to prepare one of its waste recycling companies for an initial public offering.

Under Mr Lovell's leadership, Jarvis has escaped manslaughter charges in the Potters Bar rail crash and been overhauled after a debt-for-equity restructuring and subsequent fundraising.

Mr Lovell is in line for a hefty payout because he was part of a generous incentive plan put in place last autumn even though he had already signalled his intention to leave.

The business Mr Lovell has been hired to bring to the stock market specialises in converting waste to energy. It is part of Waste Recycling, Britain's biggest owner of landfill sites. Terra Firma recently charged Deutsche Bank with exploring the waste group's strategic options. The business has an enterprise value of about £500m.