The move comes as part of a management reshuffle and refinancing deal unveiled today following on from the merger of Keepmoat and Apollo.
Ian Sutcliffe, formerly of Taylor Wimpey and Segro, took up the chief executive role in January, then succeeding the long-serving Keepmoat man David Blunt.
Today the firm confirmed he had stepped down, and Dave Sheridan, previously head of Keepmoat’s Northern business, and prior to that CEO of Apollo, had now taken own at the helm.
Sheridan: “Keepmoat remains a profitable business”
The contractor also revealed a new financing deal to replace earlier bridging loans.
Under the new banking arrangement, Keepmoat is now owned in a partnership between management and Lloyds Banking Group.
The group’s debt has been significantly reduced and loans extended for a term of six years at an improved margin.
In addition, Keepmoat has a new £125m revolving credit facility, an increase of £50m to allow it to exploit market opportunities.
Keepmoat chief executive Dave Sheridan said: “The integration is substantially complete and following the refinancing we have the financial strength and flexibility to ensure that we continue our track record of delivery and working in partnership with our clients.
“Keepmoat remains a profitable business with a national platform and this refinancing supports our long term plan.”