12th December 2017
The Board of Empiric Student Property plc (the "Board") (ticker: ESP), the owner and operator of premium student accommodation across the UK, announces that Paul Hadaway, the Company's Chief Executive Officer, has received notice to terminate his employment with the Company. Accordingly, Mr Hadaway has ceased to be a Director of the Company with immediate effect.
Tim Attlee, co-founder and Chief Investment Officer, has agreed to assume the additional role of acting Chief Executive. Mr Attlee will work alongside Lynne Fennah, Chief Financial Officer, who has significant expertise in real estate and specific knowledge of the hospitality sector, and together they will ensure the Company remains fully focused on continuing to deliver the significant financial and operational improvements and cost savings arising from the Company's business review as outlined in the announcement by the Company on 23 November 2017.
Baroness Dean, Chairman of Empiric Student Property plc, commented:
"The Board is confident that Empiric will continue to deliver on its operational efficiencies under Tim Attlee as acting CEO and Lynne Fennah as CFO, together leading the executive and operational teams. They have a deep knowledge of Empiric's business and operations and have led on shaping and implementing its strategies. They are already implementing significant financial and operational improvements and cost savings arising from the Company Business Review, which the Board expects will deliver growth in operating margin, dividend cover and total shareholder return through 2018 and beyond.
The Board acknowledges and thanks Mr Hadaway for his significant contribution to the business and wishes him well for the future."
Questions? Get in touch using the contact details below.
Questions? Get in touch.
Empiric Head Office
Empiric Student Property plc
1st Floor, 72 Borough High Street London, SE1 1XF
+44 (0)20 3828 8700
+44 (0)20 7379 5151
Stuart Klein/Tom Yeadon
Jefferies International Limited
020 7029 8000
Charlie Foster / Marcus Jackson
RBC Europe Limited (trading as RBC Capital Markets)
020 7653 4000