Cutacre plots

New audit chairman for UK Coal

Former chief financial officer of Sea Containers, Lisa Clement, has been appointed as a non-executive director of UK Coal.

Clement will take over the chair of the audit committee from 15 December, replacing Peter Hazell, ex-managing partner of PricewaterhouseCoopers, who is retiring at the end of this year.

UK Coal said Clement was chosen for her experience "in working for companies requiring substantial change and turn around." At Sea Containers, Clement "successfully played a leading role in its operational and financial re-structuring, and wind-down."

UK Coal returned to profit this year after years of losses thanks to a disposal programme of collieries that have closed or are nearing closure. The assets on the market include 200 acres at Cutacre in Bolton, suitable for 3.5m sq ft of industrial space.

Peel chairman John Whittaker owns 29% of UK Coal, making him the largest single shareholder. Peel agreed a partnership with UK Coal in July to develop waste facilities on 11 sites.

Clement has also worked at Capita Learning & Development and held senior divisional roles including at New York-based real estate service company Cendant and professional education provider BPP Holdings.

Jonson Cox, chairman of UK Coal, said: "We are very pleased to welcome Lisa to the Board. Her experience will bring clear benefits to UK Coal and we look forward to her contribution to our board."

Shares in UK Coal fell 1p to 32p.

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