November 13, 2017 / 11:27 AM / in 2 years

UPDATE 1-UK's Mitie appoints former Virgin Active boss Woolf as CFO

(Adds detail, background)

Nov 13 (Reuters) - Struggling British outsourcing company Mitie Group has named Paul Woolf, the former boss of Virgin Active Health Clubs, as chief financial officer.

The company, which has been restructuring after a string of profit warnings, said Woolf will replace Sandip Mahajan, who has held the role of Group CFO since February.

Like its peers, Mitie has been hit hard over the past year by rising labour costs after Britain’s vote to leave the European Union and unplanned changes on contracts taken on during the financial downturn, often with paper-thin margins.

The provider of pest control, cleaning, security and healthcare services said in September it may cut up to 480 jobs as it overhauls its cleaning and engineering divisions, adding that the cost of its turnaround would be higher than expected.

Mahajan will step down from the company’s board and will take up a new role as the group’s Chief Financial Transformation Officer, Mitie said.

Mahajan had joined in February from construction firm Balfour Beatty Plc, where he served as the finance head. (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Jason Neely and Hugh Lawson)

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