UK company number
01399411
LSE share code:
CAL
ISIN: GB00BL6XZ716
LEI: 21380097W74N9OYF5Z25
8 May 2024
CAPITAL & REGIONAL
PLC
("Capital & Regional" or
the "Company" or the "Group")
BOARD
CHANGE
Capital & Regional,
the convenience and community focused shopping
centre REIT, today announces that Lawrence
Hutchings has resigned from his role as Chief Executive and will
leave the Company to pursue a new business opportunity.
During his nearly seven years in the
role, Mr Hutchings has been instrumental in repositioning Capital
& Regional's portfolio towards convenience and community
focused shopping centres and has led the business through
significant structural change in the retail market, as well as the
disruption caused by the Covid-19 pandemic. He leaves the
Company well-positioned following its acquisition of Gyle shopping
centre, with Group like-for-like net rental income and valuations
both up in the year to 30 December 2023.
The Board will now commence a formal
process to find a successor and Mr Hutchings will continue as Chief
Executive during this process to ensure a smooth and orderly
transition. Mr Hutchings is subject to a 12 month notice
period and the Company will provide a further update on the timing
of his departure in due course.
David Hunter, Chairman of Capital & Regional,
said: "Under Lawrence's leadership, Capital &
Regional has successfully weathered the combined impacts of the
Covid-19 lockdowns and the broader structural changes in the retail
market. With a portfolio of convenience and necessity focused
shopping centres in key locations and serving the needs of their
local communities, combined with the significant steps taken to
strengthen the balance sheet, the Company is on a strong footing.
We also have an exceptionally strong and experienced management
team focused on optimising performance from the assets. These
factors, coupled with the improvements in our underlying
operational performance, ensure that Lawrence leaves Capital &
Regional well positioned to deliver growth in the coming years. On
behalf of the Board I would like to thank Lawrence for the
significant contribution he has made to this company over the past
seven years and to wish him well for the future."
Lawrence Hutchings, Chief Executive, added:
"Leading Capital
& Regional over the past seven years has been an enormous
privilege and I would like to thank David, the Board, as well as
the entire team for their support throughout my tenure. While we
have encountered challenges, this is a business with huge potential
and I am confident that, on the back of the changes we have made
over the past few years, it is well positioned to deliver for
shareholders, consumers and colleagues. While this is the right
time for me to take up a new challenge, Capital & Regional is
in safe hands and I wish all my colleagues the very
best."
-Ends-
For further
information:
Capital & Regional
plc
020 7932 8000
David Hunter
Stuart Wetherly
FTI
Consulting
020 3727 1000
Richard
Sunderland
Bryn Woodward
Oliver Parsons
capreg@fticonsulting.com
The contents of this announcement
have been prepared by and are the sole responsibility of Capital
& Regional.
This announcement contains inside
information. The person responsible for arranging this announcement
on behalf of Capital & Regional is Stuart Wetherly, Company
Secretary and Chief Financial Officer.
About Capital & Regional
plc
Capital & Regional is a UK
focused retail property REIT specialising in shopping centres that
dominate their catchment, serving the non-discretionary and value
orientated needs of the local communities. It has a track record of
delivering value enhancing retail and leisure asset management
opportunities across a portfolio of tailored in-town community
shopping centres.
Using its expert property and asset
management platform Capital & Regional owns and manages
shopping centres in Edinburgh, Hemel Hempstead, Ilford, Maidstone,
Walthamstow and Wood Green.
Capital & Regional is listed on
the main market of the London Stock Exchange (LSE) and has a
secondary listing on the Johannesburg Stock Exchange
(JSE).
For further information
see www.capreg.com.