Shake-up for London regeneration specialist following £50.2m losses
Specialist regeneration developer U + I has taken “decisive” action to mitigate losses incurred during the first wave of the COVID-19 pandemic.
In its interim results for the six months ending September 30, the group reported a pre-tax loss of £50.2m - down from pre-tax profits of £11m for the previous six month period.
The company has implemented a 100-day review of its assets in light of the results, as well as restructured its senior management team.
Among the management changes is the appointment of chief development officer Richard Upton as chief executive officer. Current CEO Matthew Weiner will step down from his role while remaining on the board to support the transition.
Richard Upton, newly appointed chief executive, commented: “The last six months has been an incredibly challenging period for the company as we, alongside the real estate sector, have been dealing with the impacts of the wider health crisis and consequent economic uncertainty.
“We have taken immediate steps to reduce our recurring costs, through an overhead reduction plan, deliverable thanks to a smaller portfolio of projects, as we accelerate the near-term monetisation of our pipeline.
“We have taken difficult decisions to exit legacy and non-core assets, improving liquidity and reducing leverage significantly. This activity has been undertaken at pace, paving the way for a strong, clean platform for growth.”
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