REG - Inland Homes PLC - New CEO, Board Changes & Proposed Acquisition

Inland HomesAnnouncement

24/07/2023 07:00

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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 £4m, 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
£154,184.

 

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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