Two of Essential Living’s founding directors, have left the firm as part of a restructure by M3 Capital Partners, the build-to-rent developer’s main shareholder.
Property Week understands chief operating officer Martin Bellinger and managing director Scott Hammond have sold their shares in Essential Living Management Ltd, a company that serviced the group, to M3. The deal will see the company “internalised” within M3, a well-placed source said.
Darryl Flay, chief executive officer and another founding shareholder, will remain at the company.
The investment firm’s equity has bankrolled previous Essential Living site purchases and it fully owns the group. The move will not change Essential’s investment strategy, and the company plans to buy two or three sites this year, Property Week understands.
Essential Living declined to comment on whether Bellinger and Hammond had departed, or whether their shares had been bought.
A statement from the company said: “Having recently opened Dressage Court in Bethnal Green and RIBA Award winning Vantage Point in Archway, and in anticipation of two further openings in the coming year, Essential Living has effected an internal reorganisation which will further support its focus on being first and foremost a company and culture centred on serving its customers and providing the best possible living experience.
“The strategy of the company, fully supported by its main shareholder M3 Capital Partners, continues to be to one of significant growth backed by committed equity capital. The business continues to be led by Darryl Flay, who will now directly oversee the company’s acquisition programme to supplement its existing holdings in Swiss Cottage, Canary Wharf, North Acton and Brentford, with a view to substantially expanding its customer offering across London over the long term.”
The developer has two BTR schemes completed – the 118-unit Vantage Point in Islington and the 104-unit Dressage Court in Bethnal Green, east London – as well as more than 1,500 flats under development.