Housebuilder Trafalgar Property Group has appointed the co-founder of a vertical farming company as its new finance chief.
The AIM-listed company, which announced plans to invest in the vertical farming sector earlier this year, said that Gary Thorneycroft will take up the role of group financial director with immediate effect.
Thorneycroft, 60, was co-founder and chief financial officer at Jones Food Company, which owns and operates the largest vertical farm in Europe. He was also previously finance boss of fintech firm Payment Card Technologies.
His appointment follows Trafalgar’s announcement in March that it had identified “significant growth opportunities” in the vertical farming sector.
The company cited data from Allied Market Research showing the global vertical farming market, valued at $2.2bn (£1.6bn) in 2018, is projected to grow to $12.8bn by 2026, in line with rising demand for organic food.
James Dubois, Trafalgar’s chairman, said: “We are very pleased to be welcoming Gary to our board. With the planned increase in our activities for 2021 and 2022, his wide experience of financial matters will be of great benefit to the group.
“He brings complementary skills including an understanding of the technical and digital arena, which should enhance our prospects for growing our business while ensuring a steady hand on the financial controls.”
The Kent-focused residential property developer expanded into the assisted living sector in 2018, but has since cited difficulties in securing finance for developments.
