U and I Group, the developer and investor, has shaken up its senior management team after reporting losses of £50.2m in the six months to September 2020.
The group has announced chief executive Matthew Weiner has stepped down from the role with immediate effect. Chief development officer Richard Upton has replaced him in the top job.
Also leaving is chief financial and operating officer Marcus Shepherd, who will step down following the completion of results for the year to 31 March 2021. The company has started the hunt for his replacement.
Chairman Peter Williams said Upton’s “vision, leadership and energy would help the group enormously in the next stage of its development”.
The news comes as the group announced half-year results to the end of September 2020, in which net asset value fell by 16.8% to 193p.
The group’s £50.2m loss for the period was due to a £10.3m fall in the value of its investment portfolio, development and trading losses of £25m and net operating costs of £14.9m.
The company said it will strengthen the balance sheet, with gearing at 46%. It has targeted a balance sheet gearing of 25%-35% and will dispose of £50m of assets by March 2021 and in excess of £80m by March 2022 to reach it.
The company is also undertaking a 100-day review of its strategy and will report the findings at full year results on 26 May 2021.
UAI : U and I Group appoints new chief executive after £50m loss