MAR CITY PLC Mar City (AIM: MAR.L) the London and Midlands focused housebuilder today provides an update on its new modular construction methodology and announces the following changes to its senior management:
Following the highly successful and widely acclaimed launch of modular apartments in London and modular houses in the Midlands, we are delighted to report that we now have the capability to build 1,000 modular homes from the next financial year onwards, on land owned by the PLC, which has full planning consent. We also expect to have acquired approaching 5,000 plots by the end of this year, giving a gross development value of £1billion.
It is widely accepted that in order to deal with the chronic shortage of housing in the UK, off-site construction, particularly using modular methodology is the answer to accelerating the amount of homes that can be built in the industry.
Mar City will be training non-skilled people to work with skilled trades and staff, as well introducing a programme for training apprentices to bring new blood into the industry. This also insulates the business against the current inflation in construction labour costs.
To help deliver our significant growth plans over the coming years, we are pleased to announce the following appointments:
Derrick Tyler has joined the Group to head up the new modular and construction programme as Managing Director. Derrick has extensive experience in modular construction, having previously been Managing Director at Caledonian Modular and will help drive further growth through this newly developed methodology.
Peter Martin has joined the Group in the newly created position of Group Development Director. Peter was previously Development Director for Sanctuary Housing Association and will look to deliver growth through developing large scale contracts with housing associations and local authorities.
Craig Murphy has been promoted to the position of Operations Director for Mar City Homes Ltd. Craig joined the business in June and was previously Commercial Director at Barratt and has extensive experience in the housebuilding sector.
We will also be appointing a new Group Finance Director over the next couple of months, who will replace our current Finance Director, Marcus Jones, who is leaving the Company on 31 December 2014 to take up a new appointment outside the house building sector. Wayne Inskip, Finance Director of Mar City Homes Ltd will assist in the interim, as required.
Commenting on the changes, Tony Ryan, CEO said "I am delighted to welcome Derrick and Peter to Mar City and look forward to working with them both and benefitting from their experience, which will help deliver the significant growth we have planned. I am especially excited about them assisting in the further development of our new modular construction methodology, which was launched earlier this year.
I would like to thank Marcus for his contribution over the past year, which has seen the successful transformation of the business into a substantial housebuilder and I wish him well for the future.
Together with Craig's promotion, these new appointments further strengthen the senior management team and will enable the business to continue to deliver its plans for growth.
The level of opportunities for our new method of modular construction is extremely positive and we expect to announce further contract awards for 2015 in the near future.
With the personnel additions announced and the modular capacity available to us, Mar City now has the capability to build upwards of c. 1,000 modular homes in the Midlands, London and the South East."
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