Appointment of new Chief Financial Officer

Posted on 31st March 2017

  • Mr Donald Borland appointed as new Chief Financial Officer at Havelock Europa PLC from 26 April 2017
  • Borland will succeed Ciaran Kennedy, who will stand down after the company announces its full year results on 25 April 2017
  • Messrs Kennedy and Borland will have a handover period from 30 March 2017, to ensure an orderly transition

Havelock Europa PLC (HVE.L), the international interior solutions provider, has appointed Donald Borland as its Chief Financial Officer, to succeed Ciaran Kennedy, who will stand down after the company announces its full year results on 25 April 2017.

Mr Kennedy, who has been Finance Director and Company Secretary since June 2014, is leaving Havelock to take up the role of Director for Scotland at Clancy Docwra.  Along with Chief Executive David Ritchie, he has been instrumental in implementing the restructuring and rightsizing of the Havelock Europa business over the past 18 months.

Donald Borland (aged 50) is a former Group Finance Director of Miller Group, the Edinburgh-based real estate business whose main subsidiary, Miller Homes, is the UK’s largest privately-owned housebuilder.  He spent 18 years with Miller Group, in various finance and accounting roles, becoming Group Finance Director in 2014, with responsibility for financing, corporate M&A and restructuring transactions, as well as ongoing liaison with the board and corporate shareholders.

Mr Borland has been a member of the Institute of Chartered Accountants in Scotland (ICAS) since 1990 and is an accountancy graduate of the University of Glasgow.  Upon graduating, he spent a decade at KPMG in a number of accountancy and audit roles, prior to joining Miller Group in 1998.  He lives in Edinburgh with his wife and three children.

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

David Ritchie, Chief Executive of Havelock Europa PLC, said: “While I am sorry to see Ciaran leave the business, I am very pleased that we have been able to recruit such a highly qualified replacement in Donald.  Donald’s significant financial expertise and experience of executive roles will be of huge value to the team here and I am looking forward immensely to working with him.  Ciaran has been a great support to me during my time as Chief Executive and a vital part of the work we have done to reshape the business.  He leaves with our best wishes.”

 

Enquiries:

Havelock Europa plc
David Ritchie, Chief Executive
Tel. 01592 643883

WH Ireland plc (Nomad)
Chris Fielding
James Bavister
Tel. 020 7220 1650

Charlotte Street Partners (media enquiries)
Robert Ballantyne
David Gaffney
Tel. 0131 516 5310

 

Schedule 2(g) Disclosures

In the past five years Donald Borland has also been a director of the following companies:

Outlet Estates Limited

Wigan Standishgate Limited

MillerBoS Limited

Miller (Portsmouth) Limited

Market Gates Shopping Centre GY Limited

Livingston No 1 Limited

Aqua Portfolio Limited

116 WRS Limited

DWB Land Limited

Miller Airdrie Limited

Miller Maidenhead Limited

Miller (Telford South) Limited

Miller East Kilbride Limited

TMGL Holdings Limited

The Miller Homes Group (UK) Limited

Fairclough Homes Limited

Miller Homes Limited

Miller Homes Cambuslang Limited

Miller Framwellgate Limited

Miller Homes St Neots Limited

Miller Residential Development Services Limited

Miller Developments (South Wales) Limited

Highfields Developments Limited

Miller Homes Special Projects Portfolio Limited

Miller Mining Limited

Miller Belmont Limited

Construction Holdco 1 Limited

GT TMGL Limited

Miller Homes Holdings Limited

Miller Group Holdings (UK) Limited

Miller Argent Holdings Limited

Miller Argent (Nominee No 1) Limited

Miller Argent (South Wales) Limited

Ffos-y-fran (Commoners) Limited

Miller Argent (Ffos-y-fran) Limited

Miller Lochside View Limited

Solihull Pavilions Limited

Miller Fort William Limited

Miller Developments Limited

Miller Developments (Warriston Road) Limited

Miller Prestonholm Limited

Miller Inverness Limited

Miller Developments One Limited

Miller Alpha Limited

Miller Cromdale Riverside Business Park Limited

Miller (Gainsborough) Limited

South Queensferry Limited

Miller Holdings (International) Limited

Miller Developments Holdings Limited

Miller (St Neots) Limited

Miller Developments Northern Limited

Miller (Arena Central) Limited

Miller (Queen’s Drive) Limited

Cussins Commercial Developments Limited

Miller Developments Regeneration Limited

Miller (Nottingham) Limited

Miller Homes UK Plc

Birch Limited

Birch Commercial Limited

James Miller & Partners Limited

Miller Cardenden Limited

GT (North Hub) Investments Limited

Galliford Try HPS Limited

GT (Leeds) LIFT Limited

Galliford Try Supplies Limited

GT Camberwell (Holdings) Limited

GT Emblem Investments Limited

GT Camberwell Limited

GT (Barking and Havering)  Limited

Miller Fulwood Limited

Ecotowers LLP

Timber Basin Limited

Miller Dorchester Limited.

 

Solihull Pavilions Limited, Wigan Standishgate Limited, Market Gates Shopping Centre GY Limited, Aqua Portfolio Limited and Livingston No 1 Limited were each members of the Miller Group, which in February 2012 completed a restructuring of its existing banking facilities and secured significant new third party investment.  The restructuring included the waiver and conversion of £264.5 million of the Miller Group’s existing debt to ordinary shares; the re-classification of £198.5 million of the Miller Group’s debt due within a year as due in greater than one year; and the control of certain development assets with a book value of £89.1million and equivalent debt being assumed by the Miller Group’s bankers. Donald Borland was a director of a number of subsidiary undertakings within the Miller Group that were party to these restructuring arrangements.

As part of these arrangements:

  1. a) Solihull Pavilions Limited was placed into administration 2 March 2012 and a creditors’ voluntary liquidation, which is ongoing, on 27 August 2013;
  2. b) Wigan Standishgate Limited was placed into a creditors’ voluntary liquidation 23 May 2012 and dissolved on 15 May 2013;
  3. c) Market Gates Shopping Centre GY Limited was placed into administration 2 March 2012 and dissolved on 13 April 2015;
  4. d) Aqua Portfolio Limited was placed into a members’ voluntary liquidation 26 June 2012 and dissolved on 24 July 2014; and
  5. e) Livingston No 1 Limited was placed into administration 2 March 2012 and dissolved on 22 March 2015.

Outside the aforementioned restructuring of the Miller Group, 116 WRS Ltd was placed into administration on 26 May 2011 and then a creditors’ voluntary liquidation on 23 November 2012, prior to being dissolved on 21 October 2014. The deficiency as regards creditors was approximately £2.6million.

There are no further disclosures required under Schedule 2(g) of the AIM Rules for Companies.