21st Oct 2014 07:57
LONDON (Alliance News) - Ashley House PLC Tuesday shuffled top management, with Chief Executive Jonathan Holmes moving to become commercial director as the healthcare and social services company tries to drive growth from an increasing pipeline of opportunities.
In a statement ahead of its annual general meeting, Chairman Christopher Lyons said Finance Director Antony Walters will replace Holmes as CEO with immediate effect.
"The activity of the company is now beginning to escalate and with the pipeline growing, the board has reviewed the deployment of its senior resources. In order to best deliver the opportunities we are creating, the board has agreed that Jonathan Holmes should assume the new position of Commercial Director to focus on the generation and commercial delivery of the company's schemes," Lyons said.
Walters led Sapphire Primary Care Developments as managing director until its sale to Ashley House in 2009.
"Antony and Jonathan will continue to run the business with support from the Non-executive directors and the senior team," Lyons added.
The company expects to report a loss before interest, tax, depreciation and amortisation for the six months to October 31, but said it expects its full-year results to meet market expectations once it has secured the funding.
Lyonsn said Ashley House now has planning approval, or planning applications in process, for in excess of 450 new homes which, when they are all built out will amount to around GBP60 million of revenue.
"We expect these numbers to increase as our growing pipeline of schemes progress through the design process," he said.
"We announced in September that we had signed a Memorandum of Understanding with a major UK investment fund manager to provide the funding to secure this delivery and work continues apace on this and other funding streams," Lyons added.
Ashley House shares were down 1.3% at 7.90 pence early Tuesday.
By Steve McGrath; [email protected]; @stevemcgrath1
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