Stonemartin’s managing director Colin Peacock has resigned as the service-office company freezes all acquisitions for the ‘medium term’ citing adverse economic conditions.

Peacock will be leaving the AIM-listed company with immediate effect.

The company said: ‘Mr Peacock's decision reflects the likelihood that no new buildings will be acquired for operation by the company in the short to medium term due to current economic conditions. The acquisition of new buildings has for the last two years been his principal responsibility.’

Failed sale

In August last year Stonemartin revealed that no buyer had been found for the 20.80 limited partnership joint venture with Hermes and Morley Fund Management – the landlords of four of its five buildings in Reading, Bristol, Birmingham and Manchester.

Jones Lang LaSalle was appointed at the same time to seek new funding partners for the purchase of new buildings in Leeds, Edinburgh and Newcastle as well as to fund the purchase of its joint venture properties in Reading, Bristol and Manchester.

Service as usual

Stonemartin said finance director and chief operating Officer Graham Ede and Tim Worboys, sales and marketing director, will continue to manage the business.

Richard Mead, Stonemartin chairman, said: 'Colin Peacock has been largely responsible for creating one of the best offerings in the managed and serviced office market and the Board thanks him for his very significant contribution to the business.'