Sovereign Reversions, a finance company specialising in equity release assets, revealed last week that chairman Robert Lo has stepped down.He has been succeeded by Paul Spencer as non-executive chairman of the company. Lo will remain as a non-executive director and will continue to chair the firm’s audit and remuneration committees. Lo says: “Sovereign Reversions has had an encouraging start to 2005/6. We have seen an increase in the volume of home reversions offered by our 40.9% associate, Home & Capital Trust. Following a quiet period, we have more recently seen an increase in activity in the sales of vacant properties.” Lo became a director of SR in 1992 and chairman in 1999. At that point the firm had a portfolio of around 60 properties worth approximately 2m. Now, SR is an Alternative Investment Market-listed company with a market capitalisation of some 43m and a portfolio of more than 600 properties. Graeme Marshall, chief executive of SR, says: “During Lo’s chairmanship we made a number of acquisitions through public and private offers. These investment activities have taken us into new areas of the equity release market. “The role Lo has played in Sovereign Reversion’s success by addressing the plethora of issues facing a small, ambitious company such as ourselves has been crucial. “On behalf of the board, I would like to thank him for the invaluable advice he has given over the past six years.”
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Following its marketing team restructure, Mortgage 2002 has appointed Lynne Rees as head of corporate communications. The role will involve the orchestration of all PR for all areas of the Mortgage 2000 proposition. Rees has been with the company for over six years, and will continue to report directly to Sean Hornsby, managing director, in […]
Alliance & Leicester has hit back at claims that its entry into the buy-to-let market is belated and shows a lack of commitment to the sector. A&L revealed in early August that it plans to enter the sector next year after feedback from intermediaries suggested they do so, but has come under fire from HBOS […]
In light of the latest CML lending figures, which show lending figures on the increase over the summer, Bradford & Bingley has commented that the mortgage flurry it predicted has now begun. Duncan Pownall, mortgage development manager for Bradford & Bingley, says: “This month’s figures paint a much more encouraging picture than some of the […]
Profits at Friends Provident for the half year rocketed by 46% to 233m, and profit before tax was up 221% to 334m. The company achieved underlying earnings per share growth of 11%, to 7.2p per share.
The Pensions Regulator (TPR) has issued its first fines to employers for failing to meet their auto-enrolment duties, along with 163 compliance notices giving employers a deadline to take action.
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