[ad_1]
\n<\/p>\n
McNerney, who joined from Laing O\u2019Rourke last November, has completed a review of Severfield\u2019s markets, operations and organisational structure following a turbulent year for the group.<\/p>\n
As part of the shake-up, he has appointed former Laing O\u2019Rourke colleague Vasily Lovkovskiy as head of transformation.<\/p>\n
Lovkovskiy worked alongside McNerney during the last three years at Laing O\u2019Rourke.<\/p>\n
McNerney has also brought back Jarrod Hulme as operations director, based at the former Watson steelworks facility in Lostock, Bolton, where he originally served his apprenticeship.<\/p>\n
Hulme returns to Severfield six years after leaving as a senior project manager. He joins after working for bridge upgrade specialist Taziker, where he progressed to managing director of Taziker Structural Solutions.<\/p>\n
The appointments come as Severfield looks to improve operational performance and rebuild momentum following a difficult period that culminated in a major hit from bridge weld defect costs in its latest financial year.<\/p>\n
This morning Severfield signed a new three-year banking facility agreement which gives its access to up to \u00a3100m. The refinancing replaces Severfield\u2019s existing facilities and further strengthens its liquidity position and financial flexibility.<\/p>\n
Andrew Page, Chief Financial Officer, who only joined in February after his interim role at ISG, said: \u201cWe are pleased to have successfully completed this refinancing with the continued support of our banking partners. <\/p>\n
\u201cThe new facilities enhance our financial flexibility, extend our debt maturity profile and provide improved commercial terms reflecting the Group\u2019s strengthened financial position, as well as a strong platform to support the Group\u2019s future growth opportunities.<\/p>\n
\u201cThis refinancing reflects the strength of Severfield\u2019s market position, long-term customer relationships and resilient business model.\u201d<\/p>\n<\/p><\/div>\n