- Graham Clemett initially joined Workspace Group in 2007 as its finance chief
- His tenure at Workspace has coincided with a comparatively turbulent period for the agency
Workspace Group’s chief government intends to retire in 2024 following a five-year spell in cost.
Graham Clemett initially joined the true property funding belief in 2007 as finance boss, a place he held for 13 years, earlier than succeeding Jamie Hopkins in 2019 to the highest job.
His tenure at Workspace has coincided with a comparatively turbulent period for the agency, with the Covid-19 pandemic severely affecting property valuations, rental earnings and occupancy charges.
Outgoing: Graham Clemett initially joined the true property funding belief in 2007 as finance boss, a place he held for 13 years, earlier than succeeding Jamie Hopkins in 2019 to the highest job
After lockdown restrictions have been loosened, the corporate’s portfolio was badly hit by the Bank of England climbing rates of interest in response to surging inflation.
Commercial landlords are additionally spending massive sums upgrading their properties to make sure they adjust to more durable power effectivity requirements.
In its most up-to-date six-month outcomes, Workspace slumped to a £147.9million pre-tax loss, having made a £35.8million revenue throughout the identical interval the earlier 12 months.
However, the group, which often serves small and medium-sized companies, has outperformed conventional industrial property landlords because of its versatile house providing.
Firms have more and more sought extra versatile contracts since Covid-19 led to a surge in hybrid and distant working.
Clemett mentioned: ‘The firm is in nice form and nicely positioned within the present market. I’m assured that, with the implausible workforce we now have throughout the enterprise, Workspace has an thrilling future and can proceed to go from energy to energy.’
The seek for his successor will likely be led by chairman Duncan Owen, who mentioned Clemett had ‘been a wonderful CEO and worthwhile member of the Workspace board over an extended time frame’.
Alongside the announcement, Workspace revealed rental earnings rose by 1 per cent on a like-for-like foundation to £108.3million within the three months ending December.
The London-based agency famous ‘resilient’ underlying demand in the course of the interval, regardless that December historically sees a slowdown in exercise.
However, its whole lease roll dipped barely to £ 140.5million because of refurbishment initiatives and the sale of non-core belongings.
Workspace just lately bought an promoting tower close to The Mille Building in Brentford for £9million and the Three Acre industrial property in Folkestone for £4.5million.
Clemett mentioned: ‘We have delivered one other resilient operational efficiency within the third quarter, highlighting the attraction of our distinctive, versatile supply.’
He added that Workspace was assured following ‘a superb begin to the fourth quarter, mixed with a optimistic buying and selling outlook and robust steadiness sheet.’
Workspace Group shares have been 0.9 per cent decrease at 519.5p on Thursday morning and have slumped by round 43 per cent over the previous 5 years.