Former BT chair Sir Mike Rake is set to be appointed as chair of store card company NewDay tomorrow, raising the possibility that its private equity owners are considering a stockmarket flotation.
Rake, who was chair of BT until last year, is a former deputy chair of Barclays and former president of the Confederation of British Industry.
The appointment of such a high-profile figure raises the possibility that NewDays private equity owners are considering an initial public offering (IPO).
It also provides credit to customers who are new to credit or trying to re-build their credit ratings.
NewDay is owned by private equity groups Cinven and CVC Capital Partners which acquired it from Varde Partners early last year.
Sky News first reported that Rake was set to be announced as chair tomorrow, replacing Sir Malcolm Williamson who will remain on the board as a non-executive director.
NewDay declined to comment.