Inland Homes chief executive Stephen Wicks, who is 71, is to retire and will step down from the board on 30th September 2022.
Chief financial officer Nish Malde will act as interim CEO alongside his current role until a new permanent chief executive is found.
Inland Homes has a land bank of more than 8,800 plots across the south and southeast of England with a gross development value of 拢2.7bn. Of these, 3,388 plots have planning consent or resolution to grant planning, and 2,122 plots have planning applications that are submitted but currently awaiting determination. The primary strategic objective has been to reduce net debt, which has fallen from 拢148.2m at 30th September 2020 to less than 拢100m today.
However, due to delays to legal completions of planned land sales and to provisions in partnership housing contracts, the group expects to make an operating loss of 拢29.3m for the year ending 30th September 2022 and a loss before tax of 拢37.1m. Furthermore, it is at risk of breaching a covenant with one of its lenders.
The board said: 鈥淭he significant and continual deterioration of the planning system has presented Inland Homes with challenges in predicting the timing of planning permissions and thus the realisation of asset values. Demand for consented land within the southeast remains very strong despite rising interest rates and inflationary pressures.
鈥淭he board therefore believes that this is an appropriate time to conduct a strategic review of the business and have appointed Lazard & Co., Ltd to assist with this process.鈥�
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