Midlands-based developer and investor IM Properties has appointed a former partner of accountancy firm BDO Stoy Hayward as its new chief executive.
Gary Hutton will join the group on 9 November. Tim Wooldridge, currently director of the firm’s investment and asset management teams, has also been promoted to managing director.
Hutton, 50, specialised in real estate at BDO and has been an external adviser to the IM Group for more than 20 years.
The appointments form part of a corporate restructuring of IM Properties following managing director Mike Adams’ decision to scale back his responsibilities.
Adams, 66, who will remain on the board of parent company IM Group as financial director, said: “Gary will manage the property group on a day-to-day basis but is a finance guy, which is why we promoted Tim.
“We wanted to reflect his increasing role at the company.”
Profits at IM Properties fell by 33% this year to £13.9m.
The group has £516m of assets and £62m available for acquisitions.
lisa.pilkingtno@estatesgazette.com
