NuGen Properties

Inland Homes seeks new CEO and new strategy

Stephen Wicks (with CFO Nish Malde in profile, right)

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 £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 £148.2m at 30th September 2020 to less than £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 £29.3m for the year ending 30th September 2022 and a loss before tax of £37.1m. Furthermore, it is at risk of breaching a covenant with one of its lenders.

The board said: “The 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.

“The 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.”

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Dan Morten 18/01/22

Easy to work with, Jordan and the team were professional and were easy to communicate with.
Would highly recommend.

Di Hayes 20/08/22

NuGen Properties built an extension to the rear of my property, replacing the old conservatory. I am so pleased I chose this company. From the initial quotation, through the build and after they were professional, polite & well mannered. They kept the site tidy throughout the build and kept me informed of each stage as it happened. The work was finished to a good standard and I have had nothing but compliments on their work. I am already planning for them to come back and do some more work for me in a few months. I would 100% recommend them.

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