Former Asda chief flies in to rescue Energis

Former Asda boss Archie Norman is to take over the reins at troubled telco Energis.

Conservative MP Norman is taking charge at the request of a consortium of banks which will take control of the company this week.

Analysts believe the company still has a good chance of making a profit despite running up debts of more than £1bn, reports the Observer.

Energis' customers include the BBC and the high-street pharmacist Boots.

Norman made his millions four years ago when he sold Asda to the Wal-mart group. His political career has been languishing in back-bench obscurity since Iain Duncan-Smith become Conservative party leader last year.

The banking consortium, which includes Barclays and the Bank of America is thought to be prepared to inject another £150m into the ailing company.

Norman will take over as chairman of Energis, working alongside current CEO David Wickham.