UAI.L Regulatory News (UAI)

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

19 January 2021

U and I Group PLC

("U+I" or "the Company" or "the Group")

Directorate Changes

U+I (LSE:UAI), the specialist regeneration developer and investor, announces that Matthew Weiner is stepping down from his role as Chief Executive Officer with immediate effect after more than twenty years of service with the Company, of which the last six have been as Chief Executive Officer. He will remain on the Board, as an Executive Director, until the end of May in order to provide continuity and a smooth transition.

Richard Upton, currently Chief Development Officer, is appointed Chief Executive Officer with immediate effect. Richard was the founder and Chief Executive of specialist regeneration property developer Cathedral Group, which was acquired by U+I in May 2014. He will be supported in the delivery of the strategy by the four-strong Senior Management Team, formed in 2020, that will run the day-to-day operations of the Company, reporting to the Board. This comprises Mike Hood, who joined as Director of Development in July 2020, Martyn Evans (Creative Director), Mark Richardson (Director of Delivery) and Malcolm Hockaday (Director of Planning).

U+I also announces that Marcus Shepherd is stepping down from the Board and his role as Chief Financial and Operating Officer after the completion of the results for the year ending 31 March 2021. A search for his replacement will begin immediately and the Company will provide a further update as and when appropriate.

Peter Williams, Chairman of U+I, said:

"On behalf of the Board, I want to thank both Matthew and Marcus for the huge contribution they have made in creating the distinctive U+I brand we have today.

Matthew has had a very long and successful career with the Company, creating and then leading U+I to become a new force in regeneration. Over many years his leadership, commercial and people skills and commitment have had a significant and positive impact within the business. He is hugely valued by his colleagues who will now take up the opportunities he helped to create.

Over the last six months the Company has taken several decisive steps in response to the challenges it has faced, which have strengthened the business significantly for the future. With this initial phase now completed, the conditions are right for Matthew and the Company to move forward independently.

Marcus has also made a valuable contribution to the business, providing sound support and financial advice to the Board during his time with the Company. We wish him well with his next endeavour.

I am delighted to announce Richard Upton's appointment as Chief Executive Officer. Richard has been an entrepreneurial driving force in several property businesses and is passionate about regeneration. His vision, leadership and energy will help the Group enormously in the next stage of its development. The Board wishes him every success and confidence in delivering the significant underlying value in our schemes for our shareholders."

Matthew Weiner, Chief Executive Officer of U+I, said:

"I was more than proud to be the first Chief Executive of the merged U and I Group and, over the ensuing six years, to lead an extraordinary and dedicated team that has established the Group as one of the pre-eminent regeneration and development businesses in the UK.

Since bringing Development Securities and Cathedral together in 2014, we have grown the initial development pipeline by a factor of four, from £2.5 billion GDV to over £10 billion GDV, securing some of the country's most important regeneration projects such as Mayfield in Manchester and 8 Albert Embankment in Lambeth.

Leading the team, Richard and I have demonstrated how the regeneration of underperforming locations in London, Manchester and Dublin can deliver radical change and help heal some of the inequalities that lie at the heart of the challenges faced by society.

However, having completed twenty years of service, first with Development Securities and then with U+I, I believe that now is an appropriate time for me to pursue new opportunities. Regeneration will be one of the major themes for the next decade and I want to be part of that journey, at a project creation level rather than in the role of general business management.

I have every confidence in Richard and the Board's abilities to deliver the transformational regeneration projects that have been carefully assembled."

Marcus Shepherd, Chief Financial and Operating Officer of U+I, said:

"For the last eight years it has been a privilege to be part of the team moulding U+I into the exemplar of mixed-use urban regeneration companies that it is today. Whilst I have decided that now is the time for me to move ahead with a different challenge, I firmly believe that U+I has an outstanding collection of regeneration schemes in its portfolio and I am looking forward to watching Richard and his team deliver meaningful change to people's lives and communities through the inspiring places that they will create over the coming years."

The Company confirms there is no further information to be disclosed under the requirements of Listing Rule 9.6.13R in relation to Richard Upton's appointment.

The remuneration details relating to Matthew Weiner and Marcus Shepherd's departures, in compliance with section 430(2B) of the Companies Act 2006, will be made available in due course on the Group's website at www.uandiplc.com.

For further information, please contact: 

U+I

Nicola Krafft

+44 (0)20 7828 4777

ir@uandiplc.com

Camarco (Financial PR Adviser)

Geoffrey Pelham-Lane / Tom Huddart

+44 (0)20 3757 4985 / 4991

uandi@camarco.co.uk 

LEI number: 213800HTEQQEIOGR5A58

About U+I

U+I is a specialist regeneration developer and investor.

With a £10.5 billion portfolio of complex, mixed-use, community-focused regeneration projects including a £120.6 million investment portfolio, we are unlocking urban sites bristling with potential in the London City Region (within one hour's commute from Central London), Manchester and Dublin. We exist to create long-term socio-economic benefit for the communities in which we work, delivering sustainable returns to our shareholders.

To find out more, visit www.uandiplc.com or follow us @uandiplc