Shell company IQ Holdings has brought in David Marks as non executive chairman with immediate effect after Tim Hearley left to pursue other business interests.

Marks, 49, founded, floated and managed AIM-listed security business Legion Group, formerly SectorGuard, and set up a corporate finance boutique that completed four IPO's in first seven months of trading.

"IQ is a shell at an interesting point in its development," he said. "I join at a fascinating time and am looking forward to making an immediate impact."

Last month, founder and former chief executive Julian Green returned to the company on an interim basis following the resignation of finance boss John Mitchel "to augment the board whilst the company continues to seek a suitable reverse acquisition".

Green still owns 10% of the business and is

IQ sold its previous businesses, Viewpoint Field Services and Rosslyn Research, to Rivington Street Holdings (RSH) for 5.2m RSH shares and the assignment of liabilities of £1.8m to RSH.

The firm is now looking to get involved in the real estate, manufacturing or marketing sectors.

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