Keith Edelman is to step down as Headlam chairman as the group secures £54m from property sales.
Edelman has been a non-executive director of the flooring distributor since 2018 and chairman since 2022. He will leave at Headlam’s AGM in May.
Stephen Bird, senior non-executive director will succeed him.
‘On behalf of the board I would like to thank Keith for the extensive contribution he has made to the company over the past six years, chairing the board whilst we have made significant progress against our strategy and overseen our transformation plans. I’m pleased Stephen has agreed to be our next chair and look forward to continuing to work with Stephen and the board as we implement our transformation plan over the next two years,’ says Chris Payne, Headlam ceo.
Meanwhile the group has sold four properties for £53.9m.
Its Ipswich distribution centre and properties in Gildersome and Leeds have been sold for £50.9m. Ipswich will be replaced by the Rayleigh centre, while Gildersome and Leeds have been leased back.
The Uddingston premises have been sold for £3.1m. The sales represent a premium of 64% to book value and 14% to the last market valuation.
‘These property transactions, on highly attractive terms, have been enabled by the progress we are making in optimising our operations, whilst also unlocking cash from our business, and further strengthening our balance sheet to re-invest in the Headlam proposition as the UK’s leading floorcoverings distributor,’ says Payne.
