Ennstone brings in restructuring specialist as chairman

Julian Cooper has joined Ennstone, the quarrying and aggregates group, as executive chairman.

Cooper is a chartered accountant and a former partner at Arthur Andersen, the accountancy group.

Currently, Cooper is a partner at MPC which is a specialist in turnaround and restructuring.

Ennstone is struggling with a debt profile stretching out to £200m while the asset value of the business is only slightly higher than that figure.

Cooper will undertake a review of Ennstone’s prospects.

Ennstone has received an indicative offer from Marwyn Materials, a group that is also quoted on the Stock Exchange and which was only established 18 months ago.

With no activities at that time, its plan was to make acquisitions in order to become a player in the UK aggregates sector.

It is not known whether or not Marwyn has put a definite bid figure for Ennstone on the table.