REG - Capital & Regional - Board Change

Capital & RegionalAnnouncement

08/05/2024 07:00

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RNS Number : 5005N  Capital & Regional plc  08 May 2024

UK company number 01399411

LSE share code: CAL

ISIN: GB00BL6XZ716

LEI: 21380097W74N9OYF5Z25

 
8 May 2024

 

CAPITAL & REGIONAL PLC

("Capital & Regional" or the "Company" or the "Group")

 

BOARD CHANGE

Capital & Regional, the convenience and community focused shopping centre
REIT, today announces that Lawrence Hutchings has resigned from his role as
Chief Executive and will leave the Company to pursue a new business
opportunity.

During his nearly seven years in the role, Mr Hutchings has been instrumental
in repositioning Capital & Regional's portfolio towards convenience and
community focused shopping centres and has led the business through
significant structural change in the retail market, as well as the disruption
caused by the Covid-19 pandemic.  He leaves the Company well-positioned
following its acquisition of Gyle shopping centre, with Group like-for-like
net rental income and valuations both up in the year to 30 December 2023.

The Board will now commence a formal process to find a successor and Mr
Hutchings will continue as Chief Executive during this process to ensure a
smooth and orderly transition.  Mr Hutchings is subject to a 12 month notice
period and the Company will provide a further update on the timing of his
departure in due course.

David Hunter, Chairman of Capital & Regional, said: "Under Lawrence's
leadership, Capital & Regional has successfully weathered the combined
impacts of the Covid-19 lockdowns and the broader structural changes in the
retail market. With a portfolio of convenience and necessity focused shopping
centres in key locations and serving the needs of their local communities,
combined with the significant steps taken to strengthen the balance sheet, the
Company is on a strong footing. We also have an exceptionally strong and
experienced management team focused on optimising performance from the assets.
 These factors, coupled with the improvements in our underlying operational
performance, ensure that Lawrence leaves Capital & Regional well
positioned to deliver growth in the coming years. On behalf of the Board I
would like to thank Lawrence for the significant contribution he has made to
this company over the past seven years and to wish him well for the future."

Lawrence Hutchings, Chief Executive, added: "Leading Capital & Regional
over the past seven years has been an enormous privilege and I would like to
thank David, the Board, as well as the entire team for their support
throughout my tenure. While we have encountered challenges, this is a business
with huge potential and I am confident that, on the back of the changes we
have made over the past few years, it is well positioned to deliver for
shareholders, consumers and colleagues. While this is the right time for me to
take up a new challenge, Capital & Regional is in safe hands and I wish
all my colleagues the very best."

 

-Ends-

For further information:

Capital & Regional plc                      020 7932
8000

David Hunter

Stuart Wetherly

 

FTI
Consulting
020 3727 1000

Richard Sunderland

Bryn Woodward

Oliver Parsons

capreg@fticonsulting.com (mailto:capreg@fticonsulting.com)

 

The contents of this announcement have been prepared by and are the sole
responsibility of Capital & Regional.

 

This announcement contains inside information. The person responsible for
arranging this announcement on behalf of Capital & Regional is Stuart
Wetherly, Company Secretary and Chief Financial Officer.

 

About Capital & Regional plc

Capital & Regional is a UK focused retail property REIT specialising in
shopping centres that dominate their catchment, serving the non-discretionary
and value orientated needs of the local communities. It has a track record of
delivering value enhancing retail and leisure asset management opportunities
across a portfolio of tailored in-town community shopping centres.

 

Using its expert property and asset management platform Capital & Regional
owns and manages shopping centres in Edinburgh, Hemel Hempstead, Ilford,
Maidstone, Walthamstow and Wood Green.

 

Capital & Regional is listed on the main market of the London Stock
Exchange (LSE) and has a secondary listing on the Johannesburg Stock Exchange
(JSE).

 

For further information see www.capreg.com (http://www.capreg.com/) .

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