(Alliance News) - Inland Homes PLC and its wholly-owned subsidiary Inland ZDP PLC both confirmed on Tuesday that Inland Homes Co-Founder and Inland ZDP Founder Director Nish Malde has retired and left the company.
Southern England-focused brownfield developer, housebuilder and partnership housing company Inland Homes said Malde's retirement as a director was effective on Monday, but that he will remain available in an advisory capacity for 12 months.
Further to its announcement in late July, Inland Homes said newly-appointed Chief Executive Officer Jolyon Harrison is establishing his own executive team, including the recruitment of a new chief financial officer.
Malde's retirement comes after an "appropriate handover process" from his responsibilities as interim CEO when Harrison was appointed CEO in late July
Inland Homes said the CFO recruitment process is ongoing, noting that the board comprises four directors currently.
"Nish was the co-founder of Inland Homes in 2005, since when he has been CFO and, more recently, also interim CEO. Throughout these many years, Nish's commitment to the business has been unwavering and determined. I wish him very well in his retirement," said Inland Homes Chair Matthew Robinson.
Inland ZDP said Trevor Sawyer would replace Malde's responsibilities at the wholly-owned subsidiary. Sawyer is currently an independent non-executive director of the parent company Inland Homes.
Inland ZDP noted Sawyer as having had "an extensive career working in the housing development industry", serving as managing director of Barratt Homes Southern Counties and a non-executive director of Orbit Homes Ltd.
In London, Inland Homes shares are currently suspended. In June, the company said that the audit process for its results for the year ended September 30, 2022 will take longer than originally expected. Back in April, Inland Homes estimated the audit could be completed during June, but the firm now believes it will take longer.
Inland ZDP shares were up 4.2% to 99.00 pence each in London on Tuesday afternoon. The stock down is down 44% over the last 12 months.
On Wednesday last week, Inland Homes noted a possible breach of its loan covenant with Inland ZDP, which it also acknowledged.
Inland Homes said it was considering possible provisions to be made against certain asset values in its accounts with its auditors, and that the mounts of any such provisions, which have not yet been determined, "appear likely to trigger a breach" in the loan covenant between both parties.
Inland ZDP said a further announcement will be made "as soon as the asset values (net of any relevant provisions) have been determined".
By Greg Rosenvinge, Alliance News reporter
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