Landlord reveals Mark Gayfer to leave after two years with no job to go to
Genesis finance director quits
The director of finance of Genesis Housing Group is to leave his post without a job to go to.
The 40,000-home association confirmed that Mark Gayfer, its group director of finance, will depart at the end of the year.
A spokesperson for Genesis said that Mr Gayfer was leaving to ‘pursue new opportunities’ but that he had ‘nothing lined up yet’.
Mr Gayfer’s surprise departure comes less than two years after he took up the position following a turbulent period for the provider. He started in the role as it emerged Genesis had arranged a £20 million ‘emergency’ loan from London & Quadrant.
His departure comes at an equally important time for the group, which is proposing to amalgamate all of its subsidiaries into one company over the next six months. A source at the group said this had caused internal disquiet, but it is not thought to be connected to Mr Gayfer’s departure.
Neil Hadden, chief executive of Genesis, said that Mr Gayfer had taken over as group finance director ‘in order to stabilise financial operations within the group following the departure of his predecessor’.
He added: ‘Having completed the task he was brought in for, Mark feels it is time to move on.’
Genesis’ annual financial statements reveal that the group made a £21.9 million surplus in 2009/10 excluding joint venture activities. It posted a £9.2 million deficit on its joint venture investments. Its joint ventures include Grainger Geninvest, a 50/50 partnership initially formed in 2005 between the group and residential landlord Grainger Trust.
Its accounts state that the partnership with Grainger had met and exceeded business plan targets.
However, it adds: ‘As a result of ongoing operating losses due to interest changes continuing to exceed the net rental income, the value of the group’s investment in these portfolios has been reduced below cost.’
The financial statements also reveal that Genesis posted a ‘substantial’ write-down of £4.9 million on the value of its landbank, £0.4 million on homes for outright sale and £0.6 million on commercial properties. The £5.9 million impairment charge followed a £6.9 million charge in 2008/09.
Genesis: 2009/10 performance at a glance
Joint venture activities
Available cash and borrowing facilities