4 Aug 2014 07:00
4 August 2014
Ashley House plc
Bid Win and Board Responsibilities
Ashley House plc ("Ashley House" or the "Company") the health and community care property partner provides the following update on a bid win and its board responsibilities.
Bid win
The Company is delighted to announce the achievement of Preferred Bidder status for the development of a new Care Home and Extra Care development in Havant for Hampshire County Council. The bid is in partnership with HC One for the Care Home and Home Group for the Extra Care, and with our architects Penoyre and Prasad LLP. The Extra Care development will have over 100 one and two bedroom apartments. The scheme value will be around £25m.
Commenting on the bid win, Jonathan Holmes, Chief Executive said "We are delighted with this appointment. It demonstrates the success of our partnership approach to these developments and Ashley House's increasing achievements in providing specialist residential solutions for the over 55s with care needs."
Scheme progress
At the year end, six new extra care schemes were well advanced and one was on site. Since this time, we have been exploring long term funding solutions for the Company's growing pipeline of extra care social housing. Good progress is being made in this respect and the Company is also in advanced discussions with third parties on two of the schemes and expects to sign contracts very shortly. We will provide a further update on progress at the time of our results announcement later in the summer.
Separately, the Company is pleased to announce it has entered into an unconditional contract to build out a GP surgery in Essex.
Director status
Richard Darch, an Executive Director of Ashley House plc is moving to Non Executive status, having accepted a role with Capita plc as Executive Director - Health. Richard will continue to promote Ashley House's established health business, providing strategic advice, business contacts and direction to the Company.
Whilst the immediate pipeline of major health schemes is currently depressed the Board firmly believes that this area of the business will grow in the medium term. Richard's move allows us to re-invest resource in the current growth areas of our pipeline.
The Company continues to see a good level of activity in minor works and refurbishment projects in the Health sector and the GP infrastructure market is starting to show initial, but sporadic signs of recovery as evidenced by the Essex scheme referred to above.
Enquiries:
Ashley House plc 01628 600 340
Jonathan Holmes, Chief Executive
Antony Walters, Finance Director
WH Ireland Ltd. 0207 220 1666
(Nominated Adviser and broker to Ashley House plc)
Adrian Hadden
Nick Field