News

Changes at I.M. Properties

In a move that will bring a new but familiar face to the board room of Warwick based investor developer IM Properties, Mike Adams will formally step down from his role as managing director within the next few weeks and will welcome in one of the firms long term external advisors into the top job.

Whilst retaining his prime role as finance director of IM Group with specific fiscal responsibilities for group companies including International Motors and IM Properties Mr. Adams (66) will also continue to hold the position as chairman of The Funding Corporation the personal and vehicle finance provider which represents the third leg of the IM Group structure.

Following an early career path with Bank of America Adams joined the IM business in 1984 and took on the extra responsibilities of the thriving property company nine years later. His tenure of what has become one of the top echelon of private commercial property companies in the UK has been marked by consistent asset growth and profitability.

Profitability for the first six months of the current financial year stands at £13.9 million compared to a previous 12 month period of £20.9 million. With assets of £516 million in a well balanced global portfolio the company is on record as seeking to secure and improve long term rental income stream in the UK, Europe and the USA. Cash at the bank currently sits at £62 million.

Coming into the property company in the newly created office of chief executive is Gary Hutton (50) a former partner with BDO Stoy Hayward specialising in real estate. He is no stranger to IM Properties having been an advisor to IM Properties and IM Group for over 20 years. He will continue to contribute to IM Group business as director of administration. Commenting on the changes Mike Adams said: “I have worked closely with Gary for over 16 years and have built an enormous respect for his judgment and business skills. As a long term advisor to the property company Gary is uniquely placed to take the business forward. I leave the property business in extremely good hands and look forward to contributing to the ongoing success of the group through my other corporate duties.”

Newly promoted as managing director of the property company is Tim Wooldridge (36) with specific responsibilities for investments and developments. He joined the company in 1998.

Previously as director of the firm’s investment and asset management teams he led IM Properties successful strategic move into European investments.