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: 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
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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