Watkin Jones names new chief financial officer
Listed student accommodation provider Watkin Jones has appointed Mapeley Group’s Simon Jones as its new chief financial officer, replacing Sarah Sergeant.
Jones was most recently chief financial officer at US-majority-owned Mapeley Group, where his main focus was performance improvement and growth, and latterly its divestment. Prior to this he held senior finance roles at Bass (now IHG Group), Hilton and Whitbread.
Jones will join Watkin Jones as chief financial officer designate and a member of the board on 21 May. Sergeant will step down from the board in mid-June as part of a managed succession process.
Listed student accommodation provider Watkin Jones has appointed Mapeley Group’s Simon Jones as its new chief financial officer, replacing Sarah Sergeant.
Jones was most recently chief financial officer at US-majority-owned Mapeley Group, where his main focus was performance improvement and growth, and latterly its divestment. Prior to this he held senior finance roles at Bass (now IHG Group), Hilton and Whitbread.
Jones will join Watkin Jones as chief financial officer designate and a member of the board on 21 May. Sergeant will step down from the board in mid-June as part of a managed succession process.
Alan Giddins, chair of Watkin Jones, said: “He is a very experienced CFO with significant property-related experience, which is highly relevant as Watkin Jones continues its recovery and broadens its focus on opportunities within the residential for rent sector.
“I would also like to thank Sarah, on behalf of the board, for her contribution to Watkin Jones and, in particular, in supporting the business through the challenging market conditions that the group has experienced over the last 18 months.”
Mapeley Group, held in a Guernsey-domiciled property services business with some UK-domiciled subsidiaries, has been going through a “structured value realisation process” involving the sale of corporate entities and underlying assets.
Elsewhere, in a trading update ahead of its H1 results in May, Watkin Jones noted “strong” tenant demand and rental growth in its core PBSA and BTR sectors. “Alongside this we are seeing the wider real estate investment market and appetite for forward funds continuing to recover gradually, off a low base,” it said.
Project margins are at around 10% in relation to its forward-sold developments, in line with previous guidance, according to the company.
Watkin Jones said it has one scheme under offer and is actively marketing further schemes. It continues to expect performance to be “significantly H2 weighted”, reflecting the timing of forward sales targeted to be completed this year.
It has also secured two PBSA sites totalling around 1,500 beds for development, subject to planning.
The group had gross cash of around £67m at the end of March, down from £83m in H1 last year. Net cash was broadly flat at around £44m.
