Brixton has parted with its chief executive of 24 years in a move seen as paving the way for a rights issue later this month.
Tim Wheeler, a forthright commentator on the property market, has been asked to stand down by the company’s board. He will be replaced by Peter Dawson, the company’s investment director, who has been with Brixton since 1997.
The board’s decision is seen by analysts as a first step towards launching a discounted emergency rights issue later this month to help pay down debt and reduce gearing ratios.
Brixton has previously confirmed that it was looking at a range of options to raise cash.
Financial Times, The Times