The Spire Healthcare takeover saga took another turn today when the chairman quit the private hospital and clinic operator to join Anglian Water.
Sir Ian Cheshire will step down by the end of September at the latest, to be replaced by Debbie White.
The news comes at a time when Spire’s board is waiting for one of its largest shareholders to make a firm takeover bid for the group.
The deadline has been extended three times and Toscafund Asset Management, which owns almost a fifth of the business, now has until 6 August to make a firm offer.
In May it made a cash offer of 250p a share, which values the group at £1bn.
The due diligence and negotiating the definitive transaction documents are progressing well, with the deadline extended again to allow Toscafund to arranging the necessary financing.
From strength-to-strength
White becomes chair-designate until Cheshire stands down, when she will step up to chairwoman.
White joined the board as an independent non-executive director in February 2023, becoming a senior independent director three months later.
Cheshire has served as chairman since March 2021, when he was named chair-designate, becoming non-executive chairman at the annual general meeting three months later.
After he steps down, Cheshire will continue to advise the board for the remainder of his six-month notice period.
Cheshire, who is also chairman of communications regulator Ofcom, described serving Spire for the past five years as a privilege.
“I am proud of what the company has achieved over that time and strongly believe it has the right foundations in place to continue to grow.
“I am delighted that I will be leaving the board in Debbie’s capable hands and I will wish her and the whole Spire Healthcare team the best for the future.
“I look forward to seeing the company go from strength-to-strength,” he added.
Natalie Ceeney moves up from an independent non-executive director to replace White.