6 Dec 2022 07:00
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 £250 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 |
GHL (BPC 2) Limited | The Stage Shoreditch (Commercial Tower) GP Limited |
GHL (BPC) Limited | The Stage Shoreditch (Commercial Tower) Nominee Limited |
GHL (Bristol) Limited | The Stage Shoreditch (Containers) GP Limited |
GHL (Brook Road) Limited | The Stage Shoreditch (Containers) Nominee Limited |
GHL (Brooks Laundry) Limited | The Stage Shoreditch (Curtain Theatre) GP Limited |
GHL (Carlow) Limited | The Stage Shoreditch (Curtain Theatre) Nominee Limited |
GHL (CLG) Limited | The Stage Shoreditch (Office North) GP Limited |
GHL (Cornish Resorts) Limited | The Stage Shoreditch (Office North) Nominee Limited |
GHL (Eagle Wharf Road) Limited | The Stage Shoreditch (Office South) GP Limited |
GHL (Hackney Wick) Limited | The Stage Shoreditch (Office South) Nominee Limited |
GHL (Hampshire) Limited | The Stage Shoreditch (Pavilion) GP Limited |
GHL (Harlow) Limited | The Stage Shoreditch (Pavilion) Nominee Limited |
GHL (Haywards Heath) Limited | The Stage Shoreditch (The Tower) GP Limited |
GHL (Ipswich) Developments Limited | The Stage Shoreditch (The Tower) Nominee 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 |
GHL (Perranporth) Limited | Woodbrook (Phase 2) Management Company Limited |
GHL (Portobello Road) Limited | Woodbrook (Phase 1a) Management Company 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 £59.7 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.