Ashwell founder Paul Thwaites has stepped down from his role as chairman of the Cambridge-based property company.

Ashwell is working on two major south east schemes – the £800m CB1 scheme in Cambridge and a £350m scheme in Chelmsford.

It is also in negotiations with collapsed bank Kaupthing Singer & Friedlander regarding a £30m loan the bank provided for Ashwell to buy the Chelmsford site.

A spokesman for Ashwell said: ‘Ashwell has restructured its Board.

'The restructuring sees Richard Goddin, the senior non-executive director and a former investment banker, moved to group chairman, with Paul Thwaites, who has also stepped down from the day to day management role of chief executive, continuing to play a role on the board.

‘Paul Thwaites holds 98% of the shares in the Company, he remains on all Group Company Boards and, notwithstanding ill-health, will continue to participate fully in the future direction of the company.

‘Ashwell has a strong board of seven directors and they collectively continue to drive the business forward. It is a tough environment for all in the property development sector at the moment, but we have two significant planning consents in place with cb1 in Cambridge and LandMarc in Chelmsford and have consolidated the company to deliver business as usual.’