Tuesday, October 20, 2015

News: New director at Harworth Estates

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Rotherham-based Harworth Group, one of the largest property and regeneration companies across the North of England and the Midlands, has announced that Andrew Kirkman has been selected to become its finance director.

The company, which is based on its own flagship Waverley development, manages around 31,370 acres across some 200 projects, with consent for 8,000 new homes. It was created through the complex restructure of what was UK Coal.

Kirkman will be appointed to the board of Harworth with effect January 1 2016, replacing Michael Richardson who will retire as a director of Harworth at the end of February following the publication of the company's annual results.

In an announcement to the stock exchange Harworth explained that Andrew Kirkman has extensive experience, having worked in a number of senior finance roles, including as finance director of Viridor, the recycling and renewable energy company with an enterprise value of over £2 billion, since March 2011. Before Viridor, Andrew was chief financial officer at Balfour Beatty Capital and global head of corporate finance at Bovis Lend Lease. He has also worked at Halliburton, Schroders and Deloitte & Touche.

Owen Michaelson, chief executive of Harworth Group, said: "I and the board are delighted that Andrew has agreed to join Harworth Group. He has a strong track record and we look forward to welcoming him to the Company in January 2016. We would also like to reiterate our thanks to Mike for overseeing a suitable transition period for Andrew."

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In its financial report for the six months to June 30 2015, the group saw a profit before tax of £51.3m, skewed by the £44.2m gain as part of a £150m takeover deal that was concluded in March. Underlying performance included profit from operations, before valuation gains and profits on disposals, of £1.1m, up from £0.8m in the same period in 2014. Operating profit was £14.8m, up on the £14.3m reported in the same period last year.

The new structure allows the group to access capital on better terms than it has in the past, accelerating existing investment opportunities and increasing the potential to acquire new land for redevelopment.

A recent deal saw the group acquire the Sinfin Lane Industrial Park in Derby for £6.95m. This followed the purchases of the 162-acre former Skelton Grange power station in Leeds and the 320-acre former aluminium smelter in Lynemouth, Northumberland.

Last month it was announced that M&G Real Estate (part of Prudential plc) is to fund the construction of 400,000 sq ft of distribution space at Harworth Estates' Logistics North development in Bolton – the largest industrial development under construction in the North West of England.

Harworth Group website

Images: Viridor

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