Capco investment boss to quit as Earl’s Court de-merger speculation mounts
The investment chief at Capital & Counties (Capco) revealed plans to step down this morning, sparking fresh speculation over the future of the property giant’s struggling Earl’s Court development.
Managing director and chief investment officer Gary Yardley is leaving the company at the end of this month, as the firm prepares for a potential split of its Earl’s Court scheme from its larger Covent Garden estate.
Read more: Capco shares fall over cooling property market
Group development director Mike Hood is taking over the firm’s Earl’s Court investment amid the plans for a possible de-merger.
In recent months a number of buyers have been circling Capco’s 70-acre Earl’s Court regeneration project, which has been hit by a row with the local council and a downturn in London’s luxury residential market.
Earlier this week Bloomberg reported that Canary Wharf Group was among the developers interested in buying the investment, sending shares in Capco up more than five per cent.
Yardley said: “I am proud of the success we have achieved at Capco and in particular of the exciting and unique opportunity we have created at Earls Court, a project of significant vision and ambition.”
Read more: Focus on Earl’s Court: 7500 new homes
Boss Ian Hawksworth added: “Gary has developed a talented and experienced team at Earls Court and under Mike’s leadership they will ensure we remain focused on executing our strategy to maximise the potential of this unique London investment as we prepare for a separation of Covent Garden and Earls Court.”
Main image credit – the_whiteness