It is a return to the company for Nicholls who left his role as managing director of Wates Residential in 2021 to set-up the Real construction group formed following the acquisition of Rydon Construction’s south east and south west businesses.

At the time of the group’s formation Nicholls set a turnover target of £300m for the new business.

But Real went into administration late last year owing suppliers and subcontractors more than £7m.

Nicholls will take-up his new role in February.

He will report into Phillippa (Pip) Prongué who starts in January as Executive Managing Director, taking over from Helen Bunch who is retiring early next year.

Bunch said: “He re-joins a team that is much more regionalised than it was previously, a decision we made to get closer to our customers and projects. He will bring renewed drive to an already-strong Board and team within the London region.”

Nicholls added: “Wates Residential has always had a special place in my heart and it’s been great to see its growth and development in recent years.

“It is a joy to be returning to the business that I feel is a cultural home for me, driven by its purpose to reimagine places for people to thrive.

“The time I’ve had setting up my own business and advising other large-scale businesses has proven invaluable where I learnt more about myself and about the inherent risks within the sector. I am excited to join Pip and the rest of the team as we embark upon a new approach to increasing investment and delivery across London.”

Nicholls replaces Nick Williams who is retiring after 40 years in the industry.