14th Oct 2022 09:47
(Alliance News) - Kent, England-based housebuilder Vistry Group PLC on Friday appointed Countryside Partnerships PLC's Chief Financial Officer Tim Lawlor into the same role, ahead of its GBP1.25 billion merger with Countryside Partnerships.
At the start of September, Vistry announced plans to buy Countryside Partnerships, a Brentwood, Essex-based housebuilder and urban regeneration company.
The cash-and-shares deal, which is worth about GBP1.25 billion, is expected to close in the first quarter of 2023.
Ahead of the takeover, Vistry announced some changes to its board of directors, which will be effective from November 11.
In April, the company said that Chief Operating Officer Graham Prothero will step down, to become chief executive officer of Sheffield-based housebuilder MJ Gleeson PLC.
On Monday, Vistry explained that he will remain working with the company until the end of the year, focusing on the effective transition of his responsibilities.
At the time of Prothero's resignation, Vistry said it would not hire a new COO; however, on Friday it appointed its Chief Financial Officer Earl Sibley to the position.
Sibley joined the company in 2015 as group finance director and was later promoted to CFO.
In his place, Countryside Partnerships CFO Tim Lawlor will join Vistry in the same role.
Lawlor joined Countryside Partnerships in March this year. Previously, he was CFO of Wincanton PLC for seven years. Wincanton is a logistics company providing outsourced warehousing, distribution and transportation services in the UK and Ireland.
Countryside Partnerships traded 1.0% higher at 196.50 pence each early Friday in London, whilst Vistry shares were up 0.6% to 542.50p.
By Sophie Rose; [email protected]
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