Grainger plc, the UK’s largest listed residential property owner and manager which started life in Newcastle at the turn of the last century, has announced changes to its senior management.
Ian Coull is to join the board as a non-executive director in September and will be proposed as chairman at the AGM in February next year, replacing existing chairman Robin Broadhurst.
Coull, 64, has been chairman of construction group Galliford Try since 2011. He is also a former chief executive of industrial property group Segro and main board director of Sainsbury’s and is currently on the Government’s Property Advisory Panel.
Robin Broadhurst said: “Ian has enjoyed a distinguished career in the property sector embracing considerable real estate experience both within the UK and internationally.
“He is well-known and liked within the industry and the board supports me in believing that his leadership style will be a great asset to Grainger and help take forward the company’s strategy in the next stage of its growth.”
Last month Grainger reported that it was ideally placed to take advantage of improving market conditions, after reporting solid half-year results for the six months ended March 31.
It saw recurring profit before tax increase to £23.1m, compared to £14.9m in the same period last year.
Profit from sales amounted to £42.8m, up from £34.5m, and the firm recorded a 10.4% increase in its UK residential portfolio, compared to a 4.6% average increase across the combined Nationwide and Halifax house price indices.
Grainger employs more than 100 people in Newcastle, the rest of its 275 employees being based in London and in offices spread across Manchester, Birmingham and Germany. The firm is responsible for around £25m worth of property in the region.