Directorate Change

RNS Number : 8343J

Quintain Estates & Development PLC

06 July 2011

 



6 July 2011

Quintain Estates and Development plc ("Quintain" / "Company" / "Group")

QUINTAIN APPOINTS MAX JAMES TO THE BOARD

Quintain announces that Maxwell James (Max) has been appointed to the Board as an Executive Director, with immediate effect. Max joined the Company at the beginning of May and has now assumed responsibility for the Company's Wembley City regeneration project, taking on day-to-day responsibility for delivering the key milestones set for this financial year.  His responsibilities also encompass securing third party investment and finance for the Company's urban regeneration activities.

Max is also working with Quintain Fund Management to devise solutions for real estate lenders and borrowers to restructure and recapitalise property assets. This will provide Quintain with new sources of income through the creation of funds and joint ventures.

Commenting, William Rucker, Chairman said: "Max is already making a big impact at Quintain as we seek to unlock the value in our urban regeneration schemes. His elevation to the Board demonstrates the confidence we have in him. We have an outstanding young team in Becky, David and Max who are all working closely with Adrian to strengthen further the Group's profitability by delivering on the milestones set for this year."

Adrian Wyatt, Quintain's Chief Executive, said: "Max has quickly impressed everyone at Quintain, he has an excellent understanding of what needs to be done to deliver our strategy at Wembley City, and has provided the team with new impetus and determination to deliver. His skills will also add further breadth and depth to the Board's experience."  

There is no further information required to be disclosed pursuant to Listing Rule 9.6.13R

For further information, please contact:

Quintain Estates and Development plc

Rebecca Worthington / Emma Villiers
Tel:      [phone]

Financial Dynamics

Dido Laurimore / Laurence Jones
Tel:      [phone]

Notes to editors

Quintain Estates and Development plc

Milestones 2011/2012

Wembley City

·     Recycle £100m of capital

·     Finalise planning at the north west lands

·     Fund and start building the London Designer Outlet

·     Increase income and profit contribution

Greenwich Peninsula

·     Accelerate residential development

·     Secure inward investment

·     Attract new office and retail occupiers

·     Build Greenwich Peninsula's sense of place

Fund Management

·     Grow funds under management to at least £1.5bn this year

·     Support growth by securing £40-50m of third party investment

·     Increase income and profit contribution

·     Create a new fund and/or secure partners for the residential elements at Greenwich and Wembley

 

END

 

 

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