TIDMINL
RNS Number : 8796G
Inland Homes PLC
24 July 2023
24 July 2023
Inland Homes plc
("Inland Homes" or the "Group")
Appointment of new CEO
Board Changes and Proposed Acquisition of NorthCountry Homes
Ltd
Appointment of new CEO and NED
Inland Homes plc (AIM: INL), the brownfield developer,
housebuilder and partnership housing company with a focus on the
South and South East of England, is delighted to announce the
appointment of Jolyon Harrison as Chief Executive Officer ("CEO")
of the Group.
Jolyon has over 50 years of house building experience, including
as Chief Executive Officer of MJ Gleeson plc where he served as
Chief Executive Officer between October 2014 and June 2019, having
joined the group in 2009 and previously been Managing Director of
Gleeson Homes. Prior to that he was founder and Chairman of Pelham
Construction / NorthCountry Homes Group and was also Managing
Director of Shepherd Homes. Additionally, Jolyon has served as a
member of the North East Housing Board, a member of NHBC Standards
Committee and a Council member of the Home Builder's Federation. He
was also Chairman of York Housing Association. Jolyon has a
beneficial holding of 4.94% in Inland Homes.
Inland Homes is also delighted to announce that it intends to
invite Richard Padley to join its board as Non-executive Director
following completion of regulatory director due diligence. Richard
is a chartered accountant and has relevant financial and property
experience. He is Commercial Director of G W Padley Holdings
Limited. His family interests have a holding of 4.54% in Inland
Homes.
Further Board Changes
Nishith Malde, who was one of the founding shareholders of the
Group in 2005 and is currently Chief Financial Officer and Acting
Chief Executive Officer, has advised the Board of his intention to
retire and step down as a director of Inland Homes, following an
appropriate handover period following Jolyon's appointment. Nishith
will remain available in an advisory capacity to the business on a
consultancy basis for a period of 12 months thereafter.
Jolyon intends to establish his own executive team, including
the recruitment of a new Chief Financial Officer.
Acquisition of NorthCountry Homes Limited ("NorthCountry")
The Board also announces that it has agreed Heads of Terms for
the acquisition of NorthCountry for a consideration of GBP4m, to be
settled by the issue of 40 million new ordinary shares in Inland
Homes . Jolyon Harrison is Executive Chairman and 51% shareholder
in NorthCountry. G W Padley Holdings Limited and G W Padley
Property 2 Limited between them hold the balance of 49%. The
proposed acquisition is subject to legal and financial due
diligence, agreement of a formal sale agreement, the obtaining of
any required shareholder and regulatory approvals, restoration to
trading on AIM of Inland Homes' existing shares and the admission
to trading of the new ordinary shares to be issued for the proposed
acquisition.
Matthew Robinson, Chair of Inland Homes, commented:
"Jolyon is a proven leader, with a strong track record of
operational, strategic and commercial success in construction and
property development. The whole Inland team looks forward to his
contribution to this next stage of Inland's corporate
development."
Jolyon Harrison, CEO of Inland Homes, commented:
"I am delighted to be joining Inland as CEO. Inland has a
valuable consented land bank in the South and South East of England
and has a number of similarities with where I was in 2009. We will
be expanding the low cost homes business model of NorthCountry in
the North of England, based in Wakefield, taking advantage of low
Northern land values and developing the Inland brownfield and
strategic land business in the South where land values are high, as
well as completing Inland's existing construction commitments. In
due course it is proposed to rebrand the business to reflect its
focus on housebuilding in the north of England. The Group will
remain headquartered in Beaconsfield, Buckinghamshire for the
foreseeable future. I look forward to the Inland team helping me to
turn the business round which will take a while, but we are looking
forward to a profitable future."
Additional Information
In accordance with the AIM Rules, the following information
required to be disclosed in relation to Jolyon Harrison 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
Jolyon Leonard Harrison, aged 75
Current beneficial shareholding in the Company
13,545,918 shares
Current directorships
MSP TECHNOLOGIES LIMITED
MULTI SOURCE POWER LIMITED
NORTHCOUNTRY HOMES (HORSLEY ROAD) LIMITED
NORTHCOUNTRY HOMES (HULL ROAD) LIMITED
NORTHCOUNTRY HOMES (MILLBROOK LANE) LIMITED
NORTHCOUNTRY HOMES (PARKWOOD RISE) LIMITED
NORTHCOUNTRY HOMES (PELHAM ROAD) LIMITED
NORTHCOUNTRY HOMES (SITE 1) LIMITED
NORTHCOUNTRY HOMES (SITE 2) LIMITED
NORTHCOUNTRY HOMES (SITE 3) LIMITED
NORTHCOUNTRY HOMES LIMITED
NORTHERN BALLET LIMITED
WOODBINE COTTAGE LIMITED
Former Directorships (previous five years)
GLEESON CLASSIC HOMES LIMITED
GLEESON DEVELOPMENTS (NORTH EAST) LTD
GLEESON DEVELOPMENTS LIMITED
GLEESON LAND LIMITED
GLEESON LAND (FLEET) LIMITED
GLEESON PFI INVESTMENTS LIMITED
GLEESON REGENERATION LIMITED
GLEESON SERVICES LIMITED
HAREDON DEVELOPMENTS LIMITED
JDP CONTRACTING (HOLDINGS) LIMITED
JDP CONTRACTING SERVICES LIMITED
JDP BUILDING & MAINTENANCE SERVICES LIMITED
MJ GLEESON PLC
M J GLEESON (INTERNATIONAL) LIMITED
M.J.G (MANAGEMENT) LIMITED
M J GLEESON GROUP LIMITED
Mr Harrison was appointed director of JDP Contracting Services
Limited in March 2008. JDP Contracting Services Limited
subsequently appointed an administrator in August 2018 and was
dissolved in November 2021 while Mr Harrison was still a director.
The deficiency to creditors was approximately GBP154,184.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014, as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act
2018.
The person responsible for this announcement is Matthew
Robinson, Chair.
Enquiries
Inland Homes plc Tel: 44 (0)1494 762450
Matthew Robinson, Chair
Jolyon Harrison, CEO
Panmure Gordon (UK) Limited Tel: 44 (0)20 7886 2500
Dominic Morley / James Sinclair-Ford (Corporate Advisory)
Tom Scrivens (Corporate Broking)
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END
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