Management reshuffle as Henry Boot builds for the future

John Sutcliffe, Henry Boot

HENRY BOOT, the property group which can be traced back to Heeley in Sheffield in 1886, has appointed its first non-family member to run the company.

Current finance director John Sutcliffe, who joined the company in 2006 after five years in the same role at Town Centre Securities, will become chief executive at the end of the year in a series of senior management changes.

Jamie Boot, who has run the company since his father Hamer Boot retired in its centenary year in 1986, is to become non-executive chairman, replacing John Brown, who is stepping down after nine years in the position. Fellow non-executive Mike Gunston is also stepping down after completing nine years’ service.
Mr Brown said: “Jamie has run the business very successfully for almost 30 years and I can think of no better successor, looking after shareholders’ interests into the future.
“The business operations and longer term strategic goals of the Henry Boot Group have been extremely well managed by this team, and I feel very confident that Jamie, John and Darren [Littlewood, new group finance director] will take Henry Boot from strength to strength in the future.”
Three independent non-executive directors will join the board on October 1 – Joanne Lake, who sits on the boards of Mattioli Woods and Gateley, will become deputy chairman, and will be joined by Peter Mawson, former chief executive at West Northamptonshire Development Corporation and Donaldsons LLP, and Gerald Jennings, who was responsible for Trinity Leeds while at Land Securities and is the current president of the Leeds Chamber of Commerce.
The announcement of the management changes came alongside Henry Boot releasing solid first-half figures showing a 4.5% increase in pre-tax profits to £14.0m as revenues increased 20% to £79.2m. A £1.4m write-off was caused by planning costs on schemes where appeals failed.
Mr Brown said the group “has performed very satisfactorily” with its three divisions – land development, property investment and construction – all trading well.
He added: “We continue to have a strong portfolio of strategic land and development opportunities which are delivering profitability in line with appraisal forecasts. Improved investment and tenant demand continues to support the higher levels of commercial activity we are currently undertaking. We have also added a housing development land bank of over 300 units to be delivered over the next three to four years, accessing the high returns that are currently available on housing development.”

 

Close