Spice names former Thames Water head as new chief executive

The Leeds-based group, whose work ranges from checking overhead power lines to installing water meters, said David Owens will head it after chief executive Martin Towers resigned.

Mr Owens quit Thames a year ago after three years and said he was "delighted" to join Spice, a company with "a great team and a great future".

He said: "My immediate priority is to focus on our four divisions – electricity, water, energy, and billing – to speed up decision-making while ensuring we continue to provide the very highest level of service to customers."

Mr Owens led Thames through its 4.8bn purchase by a Macquarie-led consortium of pension funds in 2006. His background includes roles across the regulated and competitive utility and energy sectors, including chief executive of 24 Seven Utility Services and managing director of Eastern Electricity Networks.

"I have seen it from both sides and when I got talking to Cinven about the opportunity it clearly was the ideal fix for me," he said.

The 58-year-old, who lives near London, said he knows Spice and its management well and has "always been an admirer of how the business has developed".

He said being out of the public spotlight is "exactly what Spice needs at this stage of its development".

"Fundamentally, Spice is a very solid business," he said. "Clearly there were one of two decisions that went astray. But I cannot take it away from (former CEO) Simon (Rigby) and the other guys. They have done a very good job."

He plans to grow Spice organically and by acquisition and said he is excited about its expansion opportunities in the United States.

Cinven partner Pascal Heberling and principal Yalin Karadogan join Spice's board as directors after the private equity group completed its acquisition via a scheme of arrangement. It said the transaction values Spice at an enterprise value of about 360m.

Mr Heberling said: "David was the ideal choice to lead Spice on the next stage of its growth and development. His considerable strategic and operational expertise in the markets Spice serves will be invaluable as we look to accelerate the growth of the business and build on its leading market positions."

Mr Towers, who took over from Spice founder Simon Rigby and led it into the 251.1m takeover by Cinven, said he believes the business "will continue to thrive" under its new owners.

Shares in Spice are set to cease trading on the London Stock Exchange on December 6.

Cinven bought Spice after a lengthy takeover battle, repeatedly upping its price to finally achieve a recommended offer.