Homebuilder Cala Group (Holdings) is likely to re-ignite speculation of a flotation after hiring a chief financial officer with a track record in fund-raising on the stock market.
Michael Rice has joined Cala at a pivotal time as the business embarks on what it calls “an exciting next chapter under new ownership”.
The company was acquired last September by global investment firm Sixth Street and pan-European investor Patron Capital, a previous owner, in an enterprise deal worth £1.35 billion.
Mr Rice, who began his career at KPMG in Ireland before moving into industry, was most recently CFO at Irish homebuilder Glenveagh Properties, which he joined in 2017.
During his tenure, he oversaw two successful stock market fundraisings and supported the company’s transition from a private entity to a publicly-listed company.
He helped Glenveagh grow from a start-up with about 50 employees to a major player in the Irish housing market, with 650 staff and generating €900 million in revenue in 2024.
Kevin Whitaker, chief executive at Cala, commented: “Michael’s experience in homebuilding, combined with his strategic and corporate finance expertise, makes him an excellent fit for Cala as we work to achieve our ambition of delivering over 4,000 homes annually by 2029.”
Mr Rice added: “I’m thrilled to be joining Cala at such an exciting time in its journey.
“I’m looking forward to working with the leadership team to help shape and deliver the next phase of growth and strategic priorities. With the backing of Sixth Street and Patron Capital, Cala is well-positioned to build on its success.”
Mr Rice’s appointment follows the retirement of Neil Stoddart, who has been group finance director at Cala since 2018.
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