Telford Homes ousts MD in management shake-up

Aaron Morby 7 years ago

London developer Telford Homes yesterday laid off joint group managing director Mark Parker in a shake-up of its management team.

Parker, who had been with Telford for over 10 years, was the highest profile casualty among a series of senior staff cuts.

John Fitzgerald, also previously joint group managing director, is now responsible for production across the entire group with an extended management structure supporting him in this role.

Jon Di-Stefano, Teford Homes chief executive, said: “In order to ensure the management team is set up to accommodate further growth, the group has recently undertaken a restructuring of its operational teams and sadly this has resulted in a very small number of redundancies at a senior level.

“The board is confident that this restructure is necessary to ensure Telford Homes can step up to the next level.”

Announcing year-end profits up to £25m,  a tenfold increase in just four years, Di-Stefano said the house builder was well placed to deliver further growth despite a slight cooling in the London market.

“Telford Homes is growing and by the end of 2015 will have over 2,200 homes under construction across 16 developments compared to just under 1,700 across 22 developments two years ago.

“As the group increases in size, economies of scale become more evident and the average development size has also increased.”

Telford’s development pipeline represents £1.o7bn of future revenue of which more than £550m has already been secured by forward sales.

This follows several significant land acquisitions including Poplar Business Park, E14, which has already been successfully marketed as Manhattan Plaza, and the £44m purchase of a 5.5 acre site in Stratford in a joint venture with Notting Hill Housing Group.

He said inflationary pressures on labour costs and material prices were being anticipated in forecasts and remained under control.

Telford said it had not experienced any significant shortages in supply in any of its subcontracted trades or materials but would continue to monitor trends and react accordingly.

At Stratosphere, a 36 storey development in Stratford, construction was at an early stage with final completions more than three years away and yet the group has already secured orders for more than 60% of the total build cost.

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