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April 12, 2024

Homes England investment boss returns to Kier

Homes England investment boss returns to Kier

David Bridges

Homes England’s interim chief investment officer is departing to rejoin Kier as managing director of the its Kier Property business.

David Bridges first joined in Kier 2020, where he was chief executive of Kier Living until its £110m sale to private equity group Terra Firma in June 2021.

He then spent eight months as chief executive of Tilia Homes before joining Homes England in January 2023 as director for equity and partnerships. He has been the housing agency’s interim chief investment officer since August 2023.

Bridges previously held senior roles at McCarthy Stone, Linden Homes and Segro, as well as serving as a board member at Wates Construction, Keepmoat and Taylor Wimpey.

The announcement of Bridges’ departure comes a week after a House of Lords committee criticised Homes England’s “undirected and nonstrategic” investment in housebuilders specialising in modern methods of construction (MMC).

The housing agency is set to lose around £68m from its investment in Ilke Homes, which collapsed in summer 2023; lost £3m of £27m invested into House by Urban Splash, which collapsed in 2022; and is also owed £9.2m by a subsidiary of Stewart Milne Group that collapsed last month.

Kier Property group managing director Leigh Thomas said: “I am delighted to welcome David back during this exciting time in Kier Property’s growth.

“David brings a wealth of experience in residential and commercial property and will play an integral role in leading our talented residential regeneration team and help drive our growth strategies through our existing joint ventures in the public and private sectors.

“In David’s new role, he will sit on our property board and take overall responsibility for the delivery of all our residential projects. I am looking forward to seeing the impact David will once again have at Kier.”

Bridges said: “It’s fantastic to be rejoining Kier. I know first-hand what a great company this is, with a people and culture which drives to make a difference. Coupled with my passion to help regenerate towns and cities, I knew this would be a brilliant opportunity.

“Given the strategic focus of the business, I am confident that learnings from my time at Homes England will really help to deliver on the ambitious growth plans of Kier Property in the residential and regeneration sectors. I look forward to getting started in March.”

Kier said its property business has a pipeline worth £1.5bn in gross development value, including 4,500 homes, 1,000 of which will be affordable.

It has joint ventures with companies and local authorities including Watford Borough Council, Liverpool City Council, Mole Valley District Council, Countryside, Investec, Network Rail and Test Valley Borough Council.

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