Inland Homes launches strategic review as pre-tax losses expected
Buckinghamshire builder Inland Homes has appointed a specialist to help with a strategic review of its business as it anticipates losses of up to £37.1m
Lazard & Co will carry out a root-and-branch review of the brownfield site specialist with the company’s share buy-back programme suspended until the study has been completed.
The Beaconsfield-based firm also announced that CEO Stephen Wicks is to retire and will step down from the board at the end of this month.
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The company has attributed part of its anticipated £37.1 million pre-tax losses to delays to delays in planning applications to support the completion of land sales.
Planned land sales still to complete were expected to contribute over £75.0m of recognised revenue and significant profitability towards the group, however there is now a question on the legal completion date which will determine the recognition point for the relevant financial year.
However, Inland Homes has reached agreement in principle on a land sale, which if completed by 30 September 2022 would generate a profit of approximately £25 million. Provided this sale is completed by 30 September 2022 the company is expected to make an operating loss of approximately £4.3 million and a loss before tax of approximately £12.1 million.
Simon Bennett, chairman of Inland Homes said : "As a founder of Inland Homes, Stephen has made an enormous contribution to the Group. He has led the business from its inception, through the Global Financial Crisis and the Covid 19 pandemic, and I would like to thank Stephen for his unwavering commitment and dedication to the business and wish him every success in his retirement".
Inland Homes has appointed Nish Malde, the Group's CFO to act as interim CEO alongside his role as CFO and are in the process of conducting a thorough search for a new CEO.
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