(Alliance News) - Inland Homes on Monday announced that it appointed the former chief executive officer of MJ Gleeson PLC Jolyon Harrison as its new CEO, and that it had acquired NorthCountry Homes Ltd.
Inland Homes, a South England-focused brownfield developer, housebuilder and partnership housing company, said that Jolyon holds a 4.94% beneficial holdings in Inland Homes.
The company also announced that Nishith Malde, current chief financial officer and acting CEO has told the board that he will retire and step down as a director in Inland Homes, after an appropriate handover period with Jolyon's appointment.
Nishith said that he will remain available in an advisory capacity to the business on a consultancy basis for a period of 12 months after.
Chair Matthew Robinson said: "Jolyon is a proven leader, with a strong track record of operational, strategic and commercial success in construction and property development. The whole Inland team looks forward to his contribution to this next stage of Inland's corporate development."
Inland Homes also announced that it had acquired NorthCountry for a consideration of GBP4.0 million, settled by 40 million shares in Inland Homes. Harrison is executive chair and 51% shareholder in NorthCountry. The proposed acquisition is subject to legal and financial due diligence.
CEO Harrison said: "We will be expanding the low cost homes business model of NorthCountry in the North of England, based in Wakefield, taking advantage of low Northern land values and developing the Inland brownfield and strategic land business in the South where land values are high, as well as completing Inland's existing construction commitments."
Shares in Inland Homes are currently suspended. Last month, 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.
By Will Neill, Alliance News reporter
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