Coronavirus Update

Harworth Group Plc - Retirement of Chief Executive

This content has been sourced from: https://www.investegate.co.uk/harworth-group-plc/r...

Harworth Group plc

RETIREMENT OF CHIEF EXECUTIVE

Harworth Group plc ("Harworth" or the "Company"), a leading regenerator of land and property for development and investment, today announces that Owen Michaelson has advised the Board of his intention to retire as Chief Executive of Harworth at the end of December 2020 after 10 years leading the business. 

Having originally taken over the management of UK Coal's real estate activities when these were restructured as Harworth Estates in 2010, Owen established an independent business specialising in the regeneration and development of brownfield land. When the Company took over the Harworth Estates business and relisted on the London Stock Exchange in 2015, he became Chief Executive.  Since then, under his leadership, Harworth has developed into one of the leading land and property regeneration companies in the UK, now owning and managing a portfolio of c.18,000 acres of land on around 100 sites in the North of England and the Midlands with planning consents for c.10,000 residential plots and c.9 million square feet of commercial space and a market capitalisation that in January was standing at over £500m.

The Board is commencing a process to appoint a successor and the Company will provide an update as and when appropriate.

Commenting on the announcement, Alastair Lyons, Non-Executive Chair of Harworth, said:

"In large part Harworth owes its existence to Owen.  He seized the regeneration potential of the former UK Coal collieries and, in doing so, created a business that is now a leader in its field, transforming former industrial sites and urban edge extensions into new homes and employment areas across the breadth of the North of England and the Midlands. Throughout the last 10 years, under Owen's leadership, Harworth has remained true to its purpose, investing to transform land and property into sustainable places where people want to live and work, and in doing so has created material value for our shareholders and a strong platform from which to grow further. He will take with him our every good wish for life after Harworth."

Speaking today, Owen Michaelson, Chief Executive of Harworth, said:

"It has been a great privilege to work with such a strong and dedicated team at Harworth and the success we have achieved is testament to the focus and commitment of those individual team members. When I started out on this journey, I always believed that the role of Master Developer could be delivered at scale successfully by the private sector. We have proven the business model and it is now time for a new leader to take the business forward to the next stage in its journey. It is only possible to succeed in the regeneration sector if you respect and work closely with all local stakeholders and I would like to thank all of our partners for the trust they have put in the Harworth team."