Mar City PLC Modular Update and Management Changes (9751W)
November 13 2014 - 8:00AM
UK Regulatory
TIDMMAR
RNS Number : 9751W
Mar City PLC
13 November 2014
MAR CITY PLC
('Mar City', 'the Group' or 'the Company')
Update on modular construction and management changes
Mar City (AIM: MAR.L) the London and Midlands focused
housebuilder today provides an update on its new modular
construction methodology and announces the following changes to its
senior management:
Following the highly successful and widely acclaimed launch of
modular apartments in London and modular houses in the Midlands, we
are delighted to report that we now have the capability to build
1,000 modular homes from the next financial year onwards, on land
owned by the PLC, which has full planning consent. We also expect
to have acquired approaching 5,000 plots by the end of this year,
giving a gross development value of GBP1billion.
It is widely accepted that in order to deal with the chronic
shortage of housing in the UK, off-site construction, particularly
using modular methodology is the answer to accelerating the amount
of homes that can be built in the industry.
Mar City will be training non-skilled people to work with
skilled trades and staff, as well introducing a programme for
training apprentices to bring new blood into the industry. This
also insulates the business against the current inflation in
construction labour costs.
To help deliver our significant growth plans over the coming
years, we are pleased to announce the following appointments:
Derrick Tyler has joined the Group to head up the new modular
and construction programme as Managing Director. Derrick has
extensive experience in modular construction, having previously
been Managing Director at Caledonian Modular and will help drive
further growth through this newly developed methodology.
Peter Martin has joined the Group in the newly created position
of Group Development Director. Peter was previously Development
Director for Sanctuary Housing Association and will look to deliver
growth through developing large scale contracts with housing
associations and local authorities.
Craig Murphy has been promoted to the position of Operations
Director for Mar City Homes Ltd. Craig joined the business in June
and was previously Commercial Director at Barratt and has extensive
experience in the housebuilding sector.
We will also be appointing a new Group Finance Director over the
next couple of months, who will replace our current Finance
Director, Marcus Jones, who is leaving the Company on 31 December
2014 to take up a new appointment outside the house building
sector. Wayne Inskip, Finance Director of Mar City Homes Ltd will
assist in the interim, as required.
Commenting on the changes, Tony Ryan, CEO said "I am delighted
to welcome Derrick and Peter to Mar City and look forward to
working with them both and benefitting from their experience, which
will help deliver the significant growth we have planned. I am
especially excited about them assisting in the further development
of our new modular construction methodology, which was launched
earlier this year.
I would like to thank Marcus for his contribution over the past
year, which has seen the successful transformation of the business
into a substantial housebuilder and I wish him well for the
future.
Together with Craig's promotion, these new appointments further
strengthen the senior management team and will enable the business
to continue to deliver its plans for growth.
The level of opportunities for our new method of modular
construction is extremely positive and we expect to announce
further contract awards for 2015 in the near future.
With the personnel additions announced and the modular capacity
available to us, Mar City now has the capability to build upwards
of c. 1,000 modular homes in the Midlands, London and the South
East."
Ends.
Enquiries:
Mar City PLC www.marcityplc.com www.marcityhomes.com
Hamilton Anstead, Chairman
Tony Ryan, Chief Executive +44 (0) 20 7408 1102
Shore Capital, NOMAD and Joint www.shorecap.co.uk
Broker
Pascal Keane / Jamie Cameron +44 (0)20 7408 4090
WH Ireland Limited, Joint Broker www.wh-ireland.co.uk
Mike Coe +44 (0) 117 945 3470
Gable Communications marcity@gablecommunications.com
John Bick +44 (0) 20 7193 7463
This information is provided by RNS
The company news service from the London Stock Exchange
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