Aston Martin brings in former MP Carrington for £5bn float

A former Saudi banker and whip under John Major has signed up to help steer the £5 billion float of car-maker Aston Martin.

The firm said that Lord (Matthew) Carrington — a 70-year-old veteran of business and politics — would be among the non-executive directors on what could be the biggest float of the year so far.

The former Fulham MP worked for the Saudi International Bank in the Eighties before going into politics and also has experience of the car industry as a previous chief of the Retail Motor Industry Federation.

The maker of the marque made iconic by spy James Bond has gone bust seven times in a century of trading. But in spite of a debt pile it has drafted in an army of bankers to get the float away on behalf of its Kuwaiti and Italian private equity owners.

Other board names include Imelda Walsh, who will chair Aston Martin’s remuneration committeee.

In 2014, Walsh was drafted in by John McFarlane, when he was chairman of FirstGroup, to head the struggling transport group’s pay policy after investors revolted over boss Tim O’Toole’s pay package.

Penny Hughes — a veteran of boards including RBS and Morrisons — will chair the company. Richard Solomons, the former boss of hotel giant IHG, will be senior independent director.