Friday, 20 November 2020 08:45

CALA Group announces new non-executive chairman

Manjit Wolstenholme, non-executive chairman of the board at CALA Group

Home builder CALA Group has announced the appointment of a new non-executive chairman of the board.

Manjit Wolstenholme replaces Anthony Fry, who has led the board since November 2010 but is standing down after a period of illness. Mark Collins will step down as acting chairman, but will remain on the board.

Manjit is chairman of Provident Financial plc, and a non-executive director of Unite Group plc, Aviva Investors and Future plc. She was previously a partner at Gleacher Shacklock LLP, the M&A boutique, and was co-head of investment banking at Dresdner Kleinwort Wasserstein.

For the year to 30 June 2015, CALA Group reported 79% growth in revenues to £511.6million and a 90% increase in profit before tax to £50.9million. This was driven by a 34% increase in completions to 993 homes, and the group’s highest-ever private average selling price of £509,000.

Alan Brown, chief executive of CALA Group, said: “I am delighted that Manjit has agreed to chair the Group during this next exciting phase of our growth strategy and we welcome her to the team. Her extensive business and financial experience will be invaluable to the Group as we work to achieve operational efficiency by 2018 and deliver revenue of c.£1billion within the next five years.”

“I would like to thank Anthony for his significant contribution to the Group’s successes over the past five years, during which the business has returned to growth and profitability, was acquired by Patron Capital Partners and Legal & General in a landmark deal in 2013, and which today is proud to be a top 10 housebuilder in terms of gross development value. We wish Anthony every success for the future. I would also like to place on record my thanks to Mark for his role as acting chairman.”

Manjit Wolstenholme, non-executive chairman of CALA Group, added: “I am very excited to be joining CALA and look forward to working with Alan and the management team to build on the Group’s strong performance to date.”

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