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Large North West landlord sees finance boss quit
Great Places has announced that its executive director of finance has decided to step down after 17 years with the group.
Phil Elvy, the Manchester-based landlord’s executive director of finance, will leave the role this June.
In a filing announcing Mr Elvy’s departure, no details were given on his future plans.
Great Places is in the middle of merger talks with Mosscare St Vincent’s (MSV), its smaller Manchester neighbour, which are expected to complete in July. The tie-up will lead to Matthew Harrison, the chief executive of Great Places, leaving. Charlie Norman, MSV’s chief executive, will take the reins at the new entity.
Mr Harrison said Mr Elvy had decided the time was “right for a change”.
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He added: “I am personally very grateful to Phil for his leadership, support and guidance throughout his time with the organisation. He leaves us in a strong financial and operational position. We wish Phil every success in his future plans.”
In a separate statement to the media, Mr Harrison said: “It is a decision that Phil has planned for and one he has taken on his own. We wish him all the best in whatever he decides to do next.”
In the filing, Great Places said it is “considering its succession planning” for an executive director of finance and will update the markets in “due course”.
Mr Harrison said: “Phil won’t be leaving right away, but as we approach our upcoming merger with MSV, we will source the right interim support to see us through this busy period.”
Mr Elvy joined the 25,000-home landlord in June 2006. Before that he spent five years as financial controller at the Riverside Group.
In the first nine months of the current financial year, Great Places’ surplus and turnover edged up, but it expects to miss its full-year completions target.
The landlord was among a wave of housing associations downgraded to a V2 rating for financial viability by the English regulator late last year, due to the current economic climate. Great Places retained its G1 rating for governance.
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