Corbett in wings for Britvic float

GERALD Corbett, controversial former head of Railtrack, is being lined up to become chairman of drinks company Britvic when it lists on the Stock Exchange as early as next year.

Corbett is chairman of Woolworths and health club chain Holmes Place and is on the board of Irish convenience stores group Greencore. He has emerged as favourite following an executive search process that ended last month.

It is understood he has verbally accepted an offer, though nothing will be formally announced until Britvic's shareholders and advisers make a decision on pushing ahead with a listing.

Britvic, whose soft drinks brands include Tango and Robinsons, first emerged as a float candidate in March. Its 47.5% shareholder InterContinental Hotels announced that it had won agreement for the move from American company Pepsico, which has only a 5% shareholding, but also has a lucrative bottling contract with Britvic.

Britvic's other shareholders are hotels and leisure group Whitbread and drinks firm Allied Domecq, both with a stake of 23.75%.

Britvic, which is being advised by Deutsche Bank and Citigroup, is expected to join the stock market within the next 18 months with a valuation of about £800m.

Corbett, through both his current roles and his history as group finance director of food and drinks giant Grand Metropolitan, has been seen as an obvious choice for Britvic. He has also stated he would be prepared to take on another major corporate job.

The only major stumbling block has also been lifted - Corbett's connection with the Hatfield rail crash of 2000. He was chief executive of Railtrack from 1997-2000 and was taken to court over health and safety charges. However, the case was thrown out in September after the judge decided performance or profit was not placed before safety.