Glenveagh Regulatory News (GLV)

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Glenveagh Properties PLC

23 August 2019 

Glenveagh Properties PLC announces changes to executive leadership and

two new non-executive director appointments

Glenveagh Properties PLC ("Glenveagh" or the "Group"), a leading Irish homebuilder listed on Euronext Dublin and the London Stock Exchange, today announces that Justin Bickle has informed the Board that he is stepping down from his role as chief executive and resigning as director effective immediately as he is returning to live in the UK after spending much of the past decade working or living in Dublin.

Justin will be succeeded as chief executive from today by Stephen Garvey, who is currently chief operating officer and co-founder of the business. Justin and Stephen will work closely with the Board and the strong management team over the coming months to ensure a smooth transition.

The Group is also pleased to announce the appointment of Pat McCann and Cara Ryan as non-executive directors. Pat is the CEO of Dalata Hotels Group plc and brings almost 50 years' experience in Irish business, real estate and consumer facing businesses to the Glenveagh Board. Cara is a seasoned non-executive director, with proven expertise in the real estate and finance sectors.

John Mulcahy, chairman of Glenveagh Properties, commented:

"I would like to thank Justin very much for his invaluable contribution to Glenveagh since its inception. He has been a driving force in the company, ensuring that we have grown the business strongly and it is well placed for continued success. I am delighted that we will still benefit from his expertise, knowledge and wisdom during the transition period and as a significant shareholder.

Stephen will be an excellent CEO given his sector experience, operational expertise and deep understanding of our business. We are fortunate to have someone of his calibre ready to lead the business forward in the coming years. "I am also delighted to welcome Pat and Cara to Glenveagh. Their combined expertise will be an excellent addition to the Board, and I look forward to working with them."

Justin Bickle added:

"After almost a decade engaged in the Irish property market, first as a private equity investor and then as a CEO of a PLC, I am looking forward to returning full time to the UK and to pursuing my interests in private investing, education and the arts.

It has been a pleasure to lead Glenveagh from its first days as a private company in August 2017, through our successful IPO, and during its first two years, as CEO. Together, Stephen, John and I have built the company into a leading Irish homebuilder and one with strong foundations.

During the past two years we have raised and deployed over €700 million of institutional capital to produce an attractive development land portfolio for building houses and apartments. We have also invested significantly in our organisation, people and systems to create best in class land acquisition, planning, construction, sales, marketing, finance and investor relations teams. Today we are an ambitious listed company supplying volume housing to our customers in Ireland in locations they wish to live, and at prices they can afford. Glenveagh's product is attractive to owner-occupiers as well as renters and institutional investors. This is the strategy we set out at IPO and have consistently followed since that time. As our results reflect, we are on course to meet our company targets for the second year in succession.

Now that the company is executing so effectively on its business plan and strategy, the timing is right for Stephen to lead the business as CEO going forward and for me to return home. Stephen's strong operational and construction skillset and laser focus on product quality and customer service will ensure the company's long term success.

It has been a privilege to be part of the Glenveagh story and I wish to thank my co-founders, colleagues, shareholders and industry partners for supporting our business and joining us on our exciting journey."

Stephen Garvey said:

"I would like to pay tribute to Justin whose vision, hard work and expertise has contributed greatly to getting our company to where it is today. Glenveagh is in a great position, with a clear strategy and can continue to capitalise on the opportunities in front of it. I am honoured to take the helm and lead this first-rate team as we continue to deliver for all stakeholders for many years to come."

ENDS

Notes to editors:

About Stephen Garvey:

Stephen has over 20 years' experience in the Irish construction and property industry, including working with many of the country's largest property developers. Before co-founding Glenveagh, Stephen founded Bridgedale, a residential development construction company focused on the Greater Dublin Area. In his role at Bridgedale he sourced and negotiated the acquisition of development sites, secured external finance, formulated and implemented business plans and managed the overall delivery of residential units. Between 2014 and 2017, Bridgedale were responsible for advising and managing residential projects for Oaktree's European Principal Group in Ireland. In 2017, Stephen joined forces with John Mulcahy and Justin Bickle to form Glenveagh and, as chief operating officer, has been instrumental in the company's success to date.

About Pat McCann:

Pat McCann has nearly 50 years' experience in the hotel industry, having begun his career in 1969 with Ryan Hotels plc. He joined Jurys Hotel Group in 1989 and became Chief Executive of Jurys Doyle Hotel Group in 2000. In 2007, Pat founded Dalata Hotel Group plc. He is a non-executive director of a number of private companies and was appointed to the board of IBEC in 2017. He is a former non-executive director of EBS Building Society, Greencore Group plc and Whitfield Private Hospital. He has served as National President of the Irish Hotels Federation and as a member of the National Tourism Council.

About Cara Ryan:

Cara Ryan is an experienced non-executive director, with 20 years' experience at board level in publicly listed and private companies in both regulated and non-regulated entities. Since 2013, she has been a non-executive director of IFG Group plc, where she is a member of the Audit, Remuneration and Nominations Committees. Earlier this year she was appointed as a non-executive director of Mercer Ireland, where she chairs the Risk Committee and sits on the Audit Committee. Cara is also a non-executive director of the Children's Medical Research Foundation, supporting Our Lady's Children's Hospital in Crumlin and the National Children's Research Centre. She has held Board positions at various investment funds and is the former Director of Finance of Manor Park Homebuilders, where she held responsibility for financial and legal matters of the Group until 2012.

Glenveagh Properties PLC

Glenveagh Properties PLC is a leading Irish homebuilder listed on Euronext Dublin and the London Stock Exchange. With a focus on strategically located developments in the Greater Dublin Area, Cork, Limerick and Galway, the Group comprises two complementary divisions, Glenveagh Homes and Glenveagh Living. 

Glenveagh Homes delivers high quality starter homes to its private and institutional customers with selective developments of mid-size and executive houses and apartments in areas of high demand.

The PRS business of Glenveagh Living delivers large-scale private rental product for institutional investors while its Partnerships business focusses on mixed-tenure and joint venture opportunities with the public sector in Ireland. 

www.glenveagh.ie