With refinancing at Reed Elsevier in place, incoming chief executive Ian Smith will have one less thing to worry about when he starts his new job at the publisher next month.

Taking over from Sir Crispin Davis - who leaves after 10 years at the helm - the 55-year-old former Taylor Woodrow boss will be able to focus on tasks including the integration of ChoicePoint, a provider of data and services to the insurance industry that Reed bought last year. He may also want to revisit the scrapped sale of Reed Business Information.