RNS Number : 6684I
Inland Homes PLC
06 December 2022
 

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.

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