Appointment of new CEO

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 £250 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
GHL (BPC 2) Limited	The Stage Shoreditch (Commercial Tower) GP Limited
GHL (BPC) Limited	The Stage Shoreditch (Commercial Tower) Nominee Limited
GHL (Bristol) Limited	The Stage Shoreditch (Containers) GP Limited
GHL (Brook Road) Limited	The Stage Shoreditch (Containers) Nominee Limited
GHL (Brooks Laundry) Limited	The Stage Shoreditch (Curtain Theatre) GP Limited
GHL (Carlow) Limited	The Stage Shoreditch (Curtain Theatre) Nominee Limited
GHL (CLG) Limited	The Stage Shoreditch (Office North) GP Limited
GHL (Cornish Resorts) Limited	The Stage Shoreditch (Office North) Nominee Limited
GHL (Eagle Wharf Road) Limited	The Stage Shoreditch (Office South) GP Limited
GHL (Hackney Wick) Limited	The Stage Shoreditch (Office South) Nominee Limited
GHL (Hampshire) Limited	The Stage Shoreditch (Pavilion) GP Limited
GHL (Harlow) Limited	The Stage Shoreditch (Pavilion) Nominee Limited
GHL (Haywards Heath) Limited	The Stage Shoreditch (The Tower) GP Limited
GHL (Ipswich) Developments Limited	The Stage Shoreditch (The Tower) Nominee 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
GHL (Perranporth) Limited	Woodbrook (Phase 2) Management Company Limited
GHL (Portobello Road) Limited	Woodbrook (Phase 1a) Management Company 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 £59.7 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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