Inland Homes PLC Appointment of new CEO (6684I)

TIDMINL

RNS Number : 6684I

Inland Homes PLC

06 December 2022

6 December 2022

Inland Homes plc

("Inland Homes" or the "Group")

Appointment of new CEO

Inland Homes plc (AIM: INL), the housebuilder, partnership housing developer and regeneration specialist focused on the South and South East of England, is delighted to announce that, following a thorough and wide-ranging search process, Donagh ("Don") O'Sullivan will join the Board as Chief Executive Officer ("CEO") of the Group, commencing on Tuesday 6 December, 2022.

Don is a proven leader, with a strong track record of operational, strategic and commercial success in construction and property development. Don was formerly CEO of the privately owned, Galliard Homes from July 2017 until March 2022, having joined the company in 2001 originally as a contract manager.

Don studied civil engineering at the University of Cork and upon graduating went to work for Balfour Beatty in London. The early part of his career was spent working on major contracting projects. Don was headhunted to join Galliard Homes in 2001. At the time, its construction division was in its infancy and he was employed to grow and expand this in-house capability within the property development business. This he successfully did and built up Galliard's construction expertise and capacity, thereby enabling the company to take on and deliver some of the largest residential development projects in London.

Don was made Group Managing Director in 2012 and was then appointed as Group CEO in 2017. During his tenure as CEO, Galliard completed over 5,000 homes and made aggregate profits of over GBP250 million.

Don was a large contributor to the success of Galliard Homes, which has an enviable reputation for build quality and customer aftercare. During his time with Galliard Homes, Don has worked with the majority of the major UK housing associations, banks, PRS, public bodies and local authorities.

Going forward, Don will lead the ongoing strategic review of Inland Homes, which was announced on 6 September. The Board intends to provide an update on the strategic review in the first quarter of 2023.

Following Don's arrival, Nishith Malde will continue as the Group's CFO, having also acted as interim CEO since 6 September.

Simon Bennett, Chair of Inland Homes, commented:

"I am delighted that Don is joining Inland Homes as its next CEO. I have no doubt that Don has the necessary experience, skills and expertise to take the Group to the next stage of its development. He is ideally qualified to lead Inland Homes and his construction expertise will prove to be invaluable. Don will be warmly welcomed."

Donagh O'Sullivan, CEO of Inland Homes, commented:

"I am pleased to be joining Inland Homes as its new CEO at such a strategically important time. I am looking forward to working with the Inland Homes team to return the business to sustainable profitable growth and to optimising the significant future opportunities available to us."

Additional Information

In accordance with the AIM Rules, the following information required to be disclosed is set out below. Other than this information, there is no further information required to be disclosed under paragraph (g) of Schedule Two of the AIM Rules.

Full name and age

Donagh O'Sullivan, aged 54

Current beneficial shareholding in the Company

None

Current directorships

 
 Rosfenos Ltd 
 Yorkguild Limited 
 The Barretstown Gang Camp Fund (UK) Limited 
 Barretstown 
 

Former Directorships (previous five years)

 
 36 Bear Lane Limited               GHL (Summerstown) Limited 
 Acorn & GH (RF) Limited            GHL (Sunnyside) Limited 
 Acorn (Trinity Square) Limited     GHL (TCRW) Limited 
 Aequitas Estates (Poyle) Limited   GHL (Trinity Square) Limited 
 Ag Trinity Square Limited          GHL (Ufford St) Limited 
 Apian House Properties Limited     GHL (Watford) Limited 
 Arches Southall (West) Limited     GHL (Wie) Limited 
 Arches Southall Limited            GHL (Witham) Developments Limited 
 Baltimore Wharf UK (GP) Limited    GHL (Wood Green) Limited 
 Bath Road Properties Limited       GHL Trinity Square GP Limited 
 Bear Lane Arches Limited           Gladstone Court Developments Limited 
 Bear Yard Limited                  Gladstone Holdings Limited 
 Boleyn Phoenix Limited             Goodmayes Holdings Limited 
 Bourne Court Properties Limited    GRA Acquisition Limited 
 Brentwood Developments Limited     Greenwich High Road Management Limited 
 Bridge Road Southall 2 Limited     GSY Operations Limited 
 Bridge Road Southall Limited       Handspan Limited 
 Bridge Road Southall Newco 
  Limited                           Hayes Point (Sully) Limited 
 Carlton House Developments 
  Limited                           Haylink Limited 
 Castillo Holdco Limited            Haywards Heath Developments Limited 
 Central Living (Exeter) Limited    Hilden Developments (NI) Limited 
 Chiltern Court Properties 
  Limited                           Honiton Developments Limited 
 Contract Management Matters 
  Limited                           Hope House (Bath) Limited 
 Cornish Resorts Ltd                Indescon Court Trustee 1 Limited 
 Cowley Property Investment 
  Limited                           Jessica House Developments Limited 
 Craneshaw House Limited            Kelsworth Limited 
 Dalton Properties Limited          Kilmorie Properties Limited 
 Drayton Park Developments 
  Limited                           Kingsbridge Property Developments Limited 
 Eltham Leaseback Limited           Leonardo Investments Limited 
 Evolve (Colchester) Limited        Liftzone Limited 
 Evolve (Milton Keynes) Limited     Maxillia Properties Limited 
 Fairchild Place Limited            Merton Acquisitions Limited 
 Freshplant Limited                 Mill Link Developments Limited 
 Friars Developments Limited        Millharbour Developments Limited 
 G - Living Limited                 Millharbour Village Limited 
 G.E.P.C. Limited                   Mulberry Park Investment (S.E.) Limited 
 Galliard (Southwark) Limited       Neptune Works Limited 
 Galliard Caldecotte Holdco 
  Limited                           New Lydenburg Street Developments Limited 
 Galliard Caldecotte Limited        Norlington Road Developments Limited 
 Galliard Ci LLP                    Northwood Street 2 Limited 
 Galliard Construction Limited      Northwood Street Limited 
 Galliard Creative Limited          Oracle (Indescon) Limited 
 Galliard Developments Limited      Pershore Street Limited 
 Galliard East Grinstead Limited    Prestage Developments Limited 
 Galliard Group Limited             Property Management Matters Limited 
 Galliard Holdings Limited          Quickdrop (Holdco) Limited 
 Galliard Homes (Towchester 
  Road) Limited                     Quickdrop Limited 
 Galliard Homes Limited             Raceguide Limited 
 Galliard Hotels Limited            Raphael Investments Limited 
 Galliard Investments Limited       Red Lion Court Developments Limited 
 Galliard Limited                   Redbridge Regeneration Limited 
 Galliard Residential Limited       Reefmark Limited 
 Galliard Spareco 2 Limited         Reflex Bridging Limited 
 Galliard Spareco Limited           Roamquest Limited 
 Galliard Sub4 Limited              Rosebery House Developments Limited 
 Galliard Wavensmere (Middleway) 
  Limited                           Safety Management Matters Limited 
 GDL (Aylesbury) Limited            Sandy Lane Oxford Limited 
 GDL (Cheltenham) Holdings 
  Limited                           Sarena Holdings Limited 
 GDL (Cheltenham) Limited           Shenley Developments Limited 
 GDL (Creekside) Limited            Shiplake Meadows Limited 
 GDL (Kilmorie) Limited             Signature Resorts (UK) Limited 
 GDL (Luton) Developments Limited   Signature Resorts (UK) Limited 
 GDL (Millharbour) Limited          Signature Resorts Limited 
 GDL (Romford) Limited              Signature Resorts Limited 
 GDL (Slough Developments) 
  Limited                           Slough Real Estates Limited 
 GDL (Sub 2) Limited                Soho Loop Development Limited 
 GDL (Sub 3) Limited                Soho Loop Limited 
 GDL (Tower Bridge Road) Limited    St Edwards Court (Romford) Limited 
 GDL Holdco Limited                 Starbones Limited 
 GH/AH Bear Lane Limited            Stratford High Street Ventures Limited 
 GHL (Ashford) Limited              Summerhill Birmingham Limited 
 GHL (Bath) Limited                 Tallack Road Developments Limited 
 GHL (Bedminster Bristol) Limited   Thames Farm Developments Limited 
 GHL (Beresford Avenue) Limited     The Commuter Property Club Limited 
 GHL (Berkhamsted) Limited          The Property Club Holdings Limited 
                                    The Stage Shoreditch (Commercial Tower) 
 GHL (BPC 2) Limited                 GP Limited 
                                    The Stage Shoreditch (Commercial Tower) 
 GHL (BPC) Limited                   Nominee Limited 
                                    The Stage Shoreditch (Containers) GP 
 GHL (Bristol) Limited               Limited 
                                    The Stage Shoreditch (Containers) Nominee 
 GHL (Brook Road) Limited            Limited 
                                    The Stage Shoreditch (Curtain Theatre) 
 GHL (Brooks Laundry) Limited        GP Limited 
                                    The Stage Shoreditch (Curtain Theatre) 
 GHL (Carlow) Limited                Nominee Limited 
                                    The Stage Shoreditch (Office North) GP 
 GHL (CLG) Limited                   Limited 
                                    The Stage Shoreditch (Office North) Nominee 
 GHL (Cornish Resorts) Limited       Limited 
                                    The Stage Shoreditch (Office South) GP 
 GHL (Eagle Wharf Road) Limited      Limited 
                                    The Stage Shoreditch (Office South) Nominee 
 GHL (Hackney Wick) Limited          Limited 
 GHL (Hampshire) Limited            The Stage Shoreditch (Pavilion) GP Limited 

                                    The Stage Shoreditch (Pavilion) Nominee 
 GHL (Harlow) Limited                Limited 
 GHL (Haywards Heath) Limited       The Stage Shoreditch (The Tower) GP Limited 
 GHL (Ipswich) Developments         The Stage Shoreditch (The Tower) Nominee 
  Limited                            Limited 
 GHL (Kilmorie) Limited             The Stage Shoreditch Development Limited 
 GHL (Leegate) Limited              The Stage Shoreditch Management Limited 
 GHL (Lisburn NI 2) Limited         The Stage Shoreditch Residential Limited 
 GHL (Lisburn NI) Limited           Thorney Leys Developments Limited 
 GHL (Mallorca West) Limited        Three Lads Limited 
 GHL (Merrick Road) Limited         Twenty One Club Limited 
 GHL (Milton Keynes) Limited        UAI (G) Limited 
 GHL (Nine Elms) Developments 
  Limited                           Uttoxeter Investments Limited 
 GHL (Nine Elms) Limited            Westgate House Developments Limited 
                                    Woodbrook (Phase 2) Management Company 
 GHL (Perranporth) Limited           Limited 
                                    Woodbrook (Phase 1a) Management Company 
 GHL (Portobello Road) Limited       Limited 
 GHL (Stanley Place) Limited        Workout Limited 
 GHL (Stevenage) Limited            Yewacre Limited 
 GHL (Strand) Limited 
 Indescon Court Trustee 2 Limited 
 Isle Of Dogs Developments 
  2 Limited 
 Isle Of Dogs Developments 
  Limited 
 

Mr O'Sullivan was appointed director of GRA Acquisition Limited in April 2013. GRA Acquisition Limited subsequently entered a creditors voluntary liquidation in November 2018 and was dissolved in February 2021. All charges in relation to this liquidation have been satisfied.

Mr O'Sullivan was appointed director of Hilden Developments (NI) Limited in February 2012. Hilden Developments Limited subsequently entered a creditors voluntary liquidation in July 2020 and was dissolved in December 2021. The estimated deficiency to creditors was approximately GBP59.7 million.

Enquiries

Inland Homes plc Tel: [phone]

Nishith Malde, Chief Financial Officer

Lazard & Co., Ltd (Adviser to the Group) Tel: [phone]

William Rucker

Louise Campbell

Panmure Gordon (UK) Limited (NOMAD and broker to the Group) Tel: [phone]

Dominic Morley / James Sinclair-Ford (Corporate Advisory)

Erik Anderson (Corporate Broking)

The information contained in this Announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (Regulation 596/2014), as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

Notes to Editors:

Incorporated in the UK in 2005, Inland Homes plc is an AIM-listed specialist housebuilder and brownfield developer, dedicated to achieving excellence in sustainability and design.

Inland Homes acquires brownfield land in the South and South East of England principally for residentially led development schemes. The business then enhances the land value by obtaining planning permission, before building open market and affordable homes or selling surplus consented land to other developers to generate cash.

The Group is committed to extensive public and community consultation in order to ensure that, where possible, local community needs and objectives are met.

Inland's aim is to create sustainable communities and homes which set a benchmark for all future developments in the South and South East of England. The Group is always looking for brownfield sites without planning permission for future development.

Environmental, Social and Governance credentials

Inland Homes is committed to ensuring its land, housebuilding and partnership housing activities leave a positive lasting legacy. As specialists in brownfield site regeneration the Group already has a proud history of adding lasting value through its expertise and experience in site remediation, which allows derelict and near derelict land to be regenerated and used for the construction of new homes.

Inland Homes takes its position as an industry leader extremely seriously and has developed its Environmental, Social and Governance (ESG) framework against the broader backdrop of an escalating global climate issue. The Group's ESG framework, which has been aligned to four of the UN Sustainable Development Goals, sets out our high-level commitments. Using this framework, we are now focused on developing a full ESG strategy. The strategy will identify clear goals and metrics to enable us to measure and report on our performance and success in this space.

For further information, please visit the Inland Homes website at: www.inlandhomesplc.com

Hugg Homes - www.hugghomes.co.uk

Rosewood Housing - www.rosewoodhousing.co.uk

Lazard & Co., Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively as financial adviser to the Inland Homes plc and no one else in connection with the strategic review referred to in this announcement and will not be responsible to anyone other than Inland Homes plc for providing the protections afforded to clients of Lazard & Co., Limited nor for providing advice in relation to such strategic review or any other matters referred to in this announcement. Neither Lazard & Co., Limited nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lazard & Co., Limited in connection with this announcement, any statement contained herein or otherwise.

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December 06, 2022 02:00 ET (07:00 GMT)