Osborne said that it was selling Coventry-based Innovar茅 Systems, which manufactures structural insulated panels (SIPs), to focus on its core business.
The sale of the business has prompted the departure of chief executive Mark Hoyland after just a few weeks in the job. He joined the company only last month from social housing developer Orbit, where he had been chief executive for six years. His appointment to Osborne had not even been filed at Companies House yet.
Dave Smith, a former Wates Group chief operating officer and McLaren Construction managing director, had been interim chief executive of Osborne since Andy Steele stepped down in November 2021 up until Hoyland's arrival. He now returns to the role of chief executive, except now on a permanent basis.
Mark Hoyland has been engaged by the board as an adviser. Peter Duff has been appointed joint chief operating officer and chief financial officer.
The disposal of Innovar茅 follows the sale of its civil engineering business to Sullivan Street Partners in September 2021. Osborne Infrastructure was subsequently renamed Octavius Infrastructure.
In the year to 30th September 2021, Innovar茅 Systems turned over 拢11.6m and made a loss of 拢592,000 before tax. That year鈥檚 accounts 鈥� the latest available 鈥� reported that the business was dependent on its ultimate parent company, Rosewood Group Holdings, to聽 meet its financial obligations.
聽Chairman Andrew Osborne said: 鈥淭oday鈥檚 strategic changes will ensure our core business can be successful in the years ahead. Like everyone in the construction sector, we have seen challenges in recent months but we are well placed to continue and build upon our proud track record of delivery for customers.
鈥淓veryone at Osborne is proud of Innovar茅鈥檚 growth to date and I know the company will continue to thrive under its new ownership.
Dave Smith added: 鈥淚 am delighted to take on this role, which is focussed on empowering the managing directors of each part of the Osborne family. They are the key business leaders who will drive the company forward.鈥�
Mark Hoyland added: 鈥淔ollowing a strategic review at the Osborne Group鈥檚 business by the board and the decision to sell Innovar茅, I am looking forward to providing strategic support to the board and wish Dave every success.鈥�
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