London-focused house-builder Telford Homes has made one of its joint managing directors redundant.
Former joint managing director Mark Parker
Mark Parker, joint group managing director since 2007, was given his marching orders yesterday. Aged 52, he previously worked for Wimpey, eventually as construction director for McAlpine Homes East.
Under a new structure, John Fitzgerald, 44, also previously joint group managing director, is now responsible for production across the entire group, with an extended management structure beneath him.
Chief executive Jon Di-Stefano said the reorganisation was needed “in order to ensure the management team is set up to accommodate further growth”.
For the year to 31st March 2015 Telford Homes made pre-tax profits of £25.1m. Its development pipeline at 31st March 2015 stood at £1.07bn of future revenue, which is an increase of more than 70% in just two years (2014: £878m, 2013: £627m) and more than six times current annual revenue.
Telford Homes focuses on building in the less expensive parts of inner London. The average price of its open market homes sold in the year to 31st March 2015 was £459,000 (2014: £400,000). The board has a deliberate strategy to avoid prime markets and said it would continue to concentrate on more affordable locations, “where real long term demand is evident from both tenants and owner-occupiers”.