Watkin Jones recruits former Land Securities boss to its board

Watkin Jones has appointed the former boss of property developer Land Securities to its board.

The build-to-rent and student housing specialist has announced it has recruited Francis Salway to its board after last week issuing a profit warning.

Salway, also a past president of the British Property Federation, will become a member of Watkin Jones’ audit, remuneration and nomination committee.

The announcement comes days after Watkin Jones warned the market that its full year operating profit will be around 10% lower than expected after ‘recent market volatility’ hit sales. It said purchasers of its schemes have been hit with increased funding costs which meant two forward sales expected to close in September will now have to be completed in the next financial year.

The firm also announced that its chief investment officer Alex Pease will become an executive director on the board of the firm.

Alan Giddins, Chair of Watkin Jones, said: “I am delighted to welcome Alex and Francis to the board of Watkin Jones.

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“Alex has a long tenure with the Company and as a key member of the executive team has helped to transform Watkin Jones from a family-owned business into a public company. Francis has extensive board and property experience. Both will add considerable value to the board.”

Salway was chief executive of Land Securities between 2004 and 2012. He is also on the board of property investor Cadogan Group and was also formerly a board member at Peabody.

The announcement was not enough to halt the slide in Watkin Jones shares, which have been falling since the announcement of its profit warning last week, and fell 5% in early trading today. The company is now valued at around £220m, less than half the value of a month ago.