Chief financial officer Paul Rickard to take up position overseeing operational delivery
The founder and chief executive of Pocket Living has stepped back from day-to-day leadership of the firm.
Marc Vlessing set up the affordable housing developer with Paul Harbard in 2004 after a career in banking and entertainment.
After overseeing the development of 1,500 affordable homes in London, he has taken up a new strategic position within the business as chair.
Paul Rickard, Pocket’s chief financial officer for the past five years, has been promoted to managing director, responsible for leading the company’s long-term strategy and operational delivery.
Marc Vlessing said he was “immensely proud” of the first 20 years of Pocket Living.
“We have been a disruptor that has informed thinking on housing not only in our capital but in cities around the world and we have shown the way in what can be achieved through engaged and open public-private partnership,” he said.
“However, after two decades building Pocket, now is the time for me to take a more strategic role, and for Paul to take the company to the next level.
“As Pocket evolves and responds to the changing London market, it will need to develop a more diverse range of products and we have made a good start on that with a rental scheme we recently delivered at Kings Cross.”
>>See also: The London problem: how rising costs are hitting the capital’s housing plans
Last October, the developer revealed it had fallen to a fourth consecutive loss despite seeing turnover increase in the 2022 calendar year.
It reported a loss of £13.9m for the year on turnover of £27.3m.
The year also saw Pocket’s balance sheet position worsen, with the group reporting net liabilities of £34.2m.
However it noted that its particular financing structure worsened the appearance of its balance sheet, given that its principal backer and immediate parent, Related London Pocket Holdings Ltd, provided its support in the form of loans.
Related, an American real estate firm, invested in Pocket in 2016 and subsequently acquired a controlling shareholding. Its chair and founder, Stephen Ross, is also the owner of the American football team Miami Dolphins.
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