Press Releases
SMEDVIG CAPITAL AND MY HOME MOVE PLC
DAVID MILLS APPOINTED AS CHAIRMAN
Smedvig Capital, the London-based private equity company active in development capital for growth businesses, is pleased to announce the appointment of David Mills as the new non-executive Chairman of portfolio company My Home Move, the home conveyancing company.
David Mills joins the Board of My Home Move with a most distinguished career in corporate life. David was responsible for conceiving and establishing First Direct, the world's first 24/7 direct bank, of which he was Chairman until 2002. From 1999 until 2002 he managed HSBC Personal Banking, moving the bank into life insurance, offshore reinsurance and bank assurance. From 2002 to 2006 David was Chief Executive of the Post Office, where he engineered a substantial turnaround, rationalising governance and procedures, IT and sales and marketing processes. David currently holds a non-executive directorship of AIM-listed Card Point plc and was previously a non-executive director of Camelot Group plc and a director of the Personal Investment Authority.
My Home Move is the leading independent provider of conveyancing services to home movers in the UK. My Home Move has comprehensively re-engineered the legal process of transferring residential property in order to deliver exceptional client service including 24/7 online case tracking and the ability to contact professional case handlers 7 days a week including outside normal office hours. My Home Move was the subject of a management buy out funded by Smedvig Capital in December 2005. In 2006 the business grew 42% to £8.5m revenue and posted an inaugural profit of £0.9m.
Alistair Cairns, Managing Director at Smedvig commented: "We are delighted that David is taking the Chair at My Home Move. With David working alongside the excellent executive team already in place, we are confident the company will go from strength to strength."
Ian Floyed, Chief Executive of My Home Move added: "We were very pleased to report our first profit last year as our business continues its rapid growth curve in an exciting marketplace. We are looking forward to welcoming David to the Board, who we know will help us build on our successes to date"
Smedvig used Directorbank to identify candidates for chairman, and to approach David Mills.
For more information please contact:
John Hewett / Rob Toms
Smedvig Capital
Tel: 020 7451 2100
Ian Floyed
My Home Move plc
Tel: 0845 234 0230
John West / Clemmie Carr
Tavistock Communications
Tel: 020 7920 3150
Notes to Editors
Smedvig Capital
Smedvig Capital is a London based private equity firm that has been instrumental in the growth of over 30 businesses since its founding in 1996, including Protego Real Estate Investors which Smedvig backed in 2004. Smedvig believes that equity investing should incorporate high levels of involvement and support, working with management on strategy, finance, operational improvements and business development initiatives. The team shares a common background in strategy consulting, with additional experience in operations, start ups and banking.
Direct investments are usually in UK businesses, from development capital through to small buy outs, equity commitment £2 to £10m.
Smedvig Capital is authorised and regulated by the Financial Services Authority.
www.smedvigcapital.com
My Home Move
My Home Move is the leading independent provider of conveyancing services to house movers in the UK. MHM has comprehensively re-engineered the legal process of transferring residential property in order to deliver exceptional client service including 24/7 online case tracking, the ability to contact professional case handlers 7 days a week and outside normal office hours, all through branded or white-labelled services.
The team is led by Ian Floyed who has more than ten years in the residential real estate industry and is the former MD of the UK's leading estate agency software company.
Directorbank
Directorbank is the UK's fastest growing recruiter of executive and non-executive directors for PLCs and private equity-backed businesses. It is retained by 66 private equity houses. The retainer allows these firms to have constant access to Directorbank's register of 2,500 top directors interested in leading, chairing or becoming a non-executive for Management Buy-ins (MBIs) and Buy-outs (MBOs). Many candidates are serial entrepreneurs, often with money behind them.