TIDM75TW
RNS Number : 8489R
Annington Funding PLC
11 March 2021
11 March 2021
ANNINGTON FUNDING PLC
( incorporated with limited liability in England and Wales)
Annington Limited Announces Leadership Changes
Annington Limited (Annington) today announces the appointment of
Ian Rylatt as Chief Executive Officer (CEO) of the business and
Stephen Leung as Chief Financial Officer (CFO).
The appointments are part of a planned succession strategy and
the result of a thorough process to find the right future
leadership for Annington following the decisions of James Hopkins,
the CEO for 22 years, and Andrew Chadd, the CFO, to step down. The
executive team is working closely with the Board to help ensure a
smooth transition and James will stay with Annington until the end
of the year to support this handover.
Ian Rylatt joins from Balfour Beatty Investments, where he has
been Chief Executive Officer since 2012. Ian has worked at Balfour
Beatty for 23 years, after initially joining in 1998 as a Business
Development Director. He has been responsible for the business's
multi-family housing business in the US, including the management
of c. 35,000 homes for the US Department of Defense. In his time as
CEO, the business has grown from a start-up to a portfolio that is
now valued at GBP1.25bn across 70 investments while also generating
additional value of over GBP1bn through asset sales.
Stephen Leung joins from iQ Student Accommodation, where he has
been CFO since 2015. He was previously Finance Director at Otium
Real Estate Limited and has held positions at a number of leading
real estate businesses including Kennedy Wilson Europe, Land
Securities and Trillium.
James Hopkins is stepping down as CEO after more than 22 years
leading the business, during which time he has built Annington into
a GBP7bn company. He has driven its successful strategy as a
leading provider of affordable, high-quality homes for families
across the UK, particularly those from the armed forces.
Meanwhile, Andrew Chadd, leaves after 8 years at Annington as
CFO. During this time, he has helped to drive strong shareholder
returns, most notably through the simultaneous 2017 refinancing and
equity raise, which transformed Annington's capital position and
positioned the company for long-term success.
Baroness Helen Liddell, Chair of Annington Limited, said: "Ian
Rylatt and Stephen Leung each bring a wealth of experience to
Annington and I look forward to working with them as we build on
the company's proven operating model and its large, diverse and
well-located portfolio of homes."
"I would like to thank James and Andrew, personally and on
behalf of the Board, for their significant contributions to the
company over many years. Annington has delivered a remarkable
performance since James became CEO in 1998, ably assisted by
Andrew. James has been an exceptional leader for Annington and I
want to thank him for his dedication and commitment over the past
22 years."
James Hopkins, outgoing Chief Executive Officer of Annington,
said: "It has been a privilege to serve as the Chief Executive of
Annington and to work with so many talented people, particularly
helping many thousands of people take ownership of their first
home. I am confident that in Ian and Stephen, I am leaving the
Company in extremely capable hands as they embark on the next
chapter of Annington's story."
Ian Rylatt, incoming Chief Executive Officer of Annington
Limited, said: "I am delighted to join Annington, a company I've
long admired. I greatly look forward to working in partnership with
Stephen and the Board to spearhead Annington's support for
communities, and build further on its commitment to delivering
high-quality homes for families. I also look forward to continuing
the constructive dialogue established by James and his team with
our largest customer, the Ministry of Defence."
Ends
Media Enquiries
Brunswick Group
Tim Danaher/Rosie Oddy
0207 404 5959
Annington@brunswickgroup.com
About Annington
Annington is one of the largest providers of privately rented
housing in the UK. Annington owns over 40,000 homes in England and
Wales with an asset value of more than GBP7bn. It specializes in
homes for the UK's most critical workers, particularly the
military, with over 95% of the portfolio let to the Ministry of
Defence.
Annington's portfolio is unique in the privately rented sector.
While our homes range in style and size from one-bedroom apartments
through to eight-bedroom houses, the majority of our properties are
detached, semi-detached and terraced family homes with gardens.
Annington's homes are often set in much more open space than you
might find elsewhere, especially when compared to modern
developments.
We specialise in family homes for the UK's most critical
workers, notably the military. Presently, more than 95% of our
portfolio is leased to the Ministry Of Defence (MoD) on a 200 year
contract.
To date, we have returned more than 18,500 homes to the national
housing stock and helped thousands of people purchase their own
home, many of whom were first time buyers, service personnel and
key workers. We have also let thousands of homes to private
individuals.
Annington has more than 20 years' experience as a private
landlord and our expertise, track record and financial strength
provide a solid base to support our core goals.
https://www.annington.co.uk/
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