Mervyn Davies, Baron Davies of Abersoch

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The Right Honourable
The Lord Davies of Abersoch
Davies lord Mervyn.jpg

Evan Mervyn Davies, Baron Davies of Abersoch, CBE (born 21 November 1952) is a British former banker and was a Labour government minister until May 2010, as Minister of State for Trade, Investment and Small Business.

He is currently the non-executive chairman of L1 Holdings[1] and a senior advisor to Teneo.[2]

Early life[edit]

Davies was born on 21 November 1952. He was educated at Rydal Penrhos in North Wales.[3]

Career[edit]

Davies was Chairman of Standard Chartered PLC between November 2006 and January 2009, having been Chief executive between 2001 and 2006 and a director since 1997.[4]

Since 2010, Davies has held executive roles on the board of Corsair Capital LLC where he is the chairman and a partner,[5] a private equity investor. Davies is also a non-executive director of Diageo.

From 2014, he was chairman of Jack Wills a fashion business.[6] In August 2016 Sky News reported that Davies was to stand down as Jack Wills was taken over in a private equity transaction involving Bluegem taking a minority stake in the company following reported losses.[7]

In November 2013, Davies became chairman of the Garden Bridge Trust, planning a bridge over the Thames in London, just 200m from Waterloo Bridge.[8] The bridge was intended to be built largely from privately donated funds, but on 26 July 2016 the BBC reported that Davies had approached the Secretary of State for Transport seeking an extension of a £15m government underwriting commitment until September 2017. £37.7m had been spent on preliminary works, but construction of the bridge had not started and was being delayed until the autumn of 2016.[9] However, the project was subsequently further delayed, and construction of the bridge did not start in 2016. In January 2017 the Garden Bridge Trust lodged its accounts with Companies House but was unable to classify itself as a going concern, due to uncertainties about the funding and planning permissions needed for the bridge. Davies insisted that the Garden Bridge Trust expected to start construction "in 2017",[10] but the project was scrapped in August of that year[11], having spent taxpayers' funds of £50m[12].

In May 2015 Davies was appointed deputy chairman of the LetterOne Group, an investment business in the energy, technology and telecom sectors.[13] He is currently the non-executive chairman of the board of directors of both L1 Holdings and L1 Investment Holdings.[1]

Public appointments[edit]

Davies was appointed CBE in 2002 for his services to the financial sector.[14]

He was made a life peer in 2009, with ministerial posts in the Foreign & Commonwealth Office and in the Department of Business, Innovation and Skills. He later held posts in Business, Enterprise and Regulatory Reform and in Trade, Investment and Small Business.[15]

Personal life[edit]

Davies married Jeanne Marie Gammie in 1979.[3] They have a son and a daughter.[3]

Davies speaks Welsh.[16] He is a member of The Arts Club.[3]

References[edit]

  1. ^ a b http://www.letterone.com/about-us/leadership-and-governance/board-members/lord-davies-of-abersoch
  2. ^ "Teneo Holdings - leadership". Retrieved 13 June 2018.
  3. ^ a b c d "DAVIES OF ABERSOCH, Baron". Who's Who 2017. Oxford University Press. Retrieved 6 October 2017.
  4. ^ "News & Media – Standard Chartered Bank". Standardchartered.com. Retrieved 23 July 2017.
  5. ^ "Davies joins US private equity group Corsair". Financial Times. Retrieved 23 July 2017.
  6. ^ "Jack Wills to hire former trade minister Lord Davies as chairman". RetailWeek. Retrieved 23 July 2017.
  7. ^ "Jack Wills Stake Sale Triggers Ex-Trade Minister's Exit". Sky News. Retrieved 23 July 2017.
  8. ^ "The hanging garden of London: funding drive begins for UK's first 'floating paradise' bridge". The Independent. 1 November 2013. Retrieved 2 November 2013.
  9. ^ "Will London's Garden Bridge ever be built? – BBC News". BBC. 26 July 2016. Retrieved 23 July 2017.
  10. ^ "Report and Accounts : 11 January 2017, GBT". Gardebbridge.london. Retrieved 23 July 2017.
  11. ^ "London garden bridge project scrapped". The Guardian. 14 August 2017. Retrieved 14 August 2017.
  12. ^ <http://www.lbc.co.uk/hot-topics/garden-bridge/garden-bridge-project-killed-off-by-sadiq-khan/>
  13. ^ "Lord Davies appointed Deputy Chairman of the LetterOne Group". LetterOne.
  14. ^ "Profile: Lord Mervyn Davies". Cityam.com. Retrieved 1 February 2016.
  15. ^ "Lord Davies of Abersoch". UK Parliament. Retrieved 1 February 2016.
  16. ^ Mathiason, Nick (2009-01-18). "Mervyn Davies is that rare breed: a banker that people like". the Guardian. Retrieved 2018-03-19.