Inland Homes co-founder steps down as new boss Jolyon Harrison establishes team

Troubled AIM-listed housebuilder and land trader Inland Homes has announced the retirement of its co-founder and interim CEO Nishith Malde.

The announcement follows Jolyon Harrison’s appointment as chief executive officer.

Malde, who co-founded the company in 2005 serving as chief financial officer, most recently acted as interim CEO during a tumultuous period for the company.

He will remain in an “advisory capacity” to the business during 12 months of gardening leave.  

In June, the £181m turnover firm delayed the publication of annual results for the year to September 2022 for the third time.

It has already indicated that it is likely to report a pre-tax loss of more than £90m when it does finally issue its results.  Last month it revealed it has likely breached a loan covenant.

Malde has also resigned from all his board positions within the Inland Homes plc group, including his role at the subsidiary Inland ZDP.

“Throughout these many years, Nish’s commitment to the business has been unwavering and determined. I wish him very well in his retirement.”

The board announced that Harrison is establishing his own executive team and is currently looking to recruit a new CFO.

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Harrison, 75, a 50-year veteran of the industry, was appointed as CEO in July. He has a beneficial holding of 4.94% in Inland Homes.

As part of his appointment, Inland agreed a £4m acquisition of NorthCountry Homes, of which Harrison is executive chair and 51% shareholder.

Harrison has revealed his plans to replicate the low-cost homes business model of NorthCountry in a bid to turn Inland around. 

During a tumultuous year, the firm saw its co-founder Stephen Wicks step down last September, prior to his replacement, former Galliard boss Donagh O’Sullivan, resigning from the firm after just 41 days in the role.