REG - Inland Homes PLC - Appointment of new CEO

Inland HomesAnnouncement

06/12/2022 07:01

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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: 44 (0)1494 762450

Nishith Malde, Chief Financial Officer

 

Lazard & Co., Ltd (Adviser to the Group) Tel: 44 (0)20 7187 2000

William Rucker

Louise Campbell

 

Panmure Gordon (UK) Limited (NOMAD and broker to the Group) Tel: 44 (0)20 7886
2500

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 (http://www.hugghomes.co.uk)

Rosewood Housing - www.rosewoodhousing.co.uk
(http://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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