BusinessCompany NewsAyling in running to become Sanctuary chief

Ayling in running to become Sanctuary chief

Former BA boss interviewed for top job at Sanctuary

Former British Airways chief Bob Ayling has been shortlisted to become
chairman of troubled music label Sanctuary Group.

Ayling has been interviewed, and is on a shortlist of two or three to become
non-executive chairman of the group, which has large debts and has been hit by a
disagreement between auditors, The Guardian reports.

Baker Tilly plans to qualify Sanctuary’s accounts after the company announced
a fivefold increase in losses for 2005. But a Big Four firm, believed to be
Ernst & Young, is reported to have been happy to approve the accounts.

Scepticism about the group’s prospects to recover has grown after it was
revealed it held no analyst briefings about its plans, and the former FD Mike
Miller is still on the board as corporate development director.

Sanctuary is planning to raise £110m through an equity financing led by
Evolution Securities, and has had a £35m debt with the Bank of Scotland
cancelled.

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