Former Inland Homes CEO to invest £2.5m in sale of shares

Stephen Wicks, founder and former CEO of Buckinghamshire-based Inland Homes, has announced his plans to invest £2.5m in the company as it looks to raise funds through the sale of shares totalling £4.6 million.

Shares are to be offered just below their current market value at 5p. Applications close on Thursday, with admission of shares expected on Friday. Inland Homes has said that proceeds will be put towards working capital requirements at the business.

This comes after an updated prediction in January that pre-tax losses for the year ended 30 September 2022 would hit £91 million, up dramatically from September’s estimate of £37.1 million. PwC continues to review the company’s accounts.

Having terminated a strategic review with financial advisors Lazard, Inland Homes is now in talks with another professional services firm to commission an independent report, a precondition of finalising its ongoing audit process.

Trading in shares will be suspended from 3 April until publication of the audited results.

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