Hutchings out of Lupus as US buys leave it struggling

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He is leaving building products group Lupus immediately after a string of acquisitions, particularly in the United States, left it banging up against its banking covenants.

The group has renegotiated terms on £165 million of loans with its main banks but at a one-off cost of £7.5 million and a significant hike in the interest rate it pays on them.

Hutchings, until today executive chairman, who now holds only a 3% stake, will leave "under the terms of his contract" which saw him paid just under £500,000 last year. Nine years ago he was ousted as chief executive of Tomkins, the conglomerate he ran for 17 years, which included baker RHM and gunmaker Smith & Wesson.

Investors reacted furiously to his use of the company as a personal fiefdom including allegedly a fleet of private jets, three apartments in London and having his wife and housekeeper on the payroll. Hutchings was cleared of any impropriety following an investigation.

Lupus has appointed turnaround specialists Keith Taylor and Paul Felton-Smith as chief executive and finance director. Both have a record of going in and sorting out businesses before selling them on. One of their first tasks will be to try to consolidate Lupus' widespread debts.