Sir Ian Cheshire, the chairman of Channel 4 who was intimately involved in discussions around the broadcaster’s now-abandoned privatization, is the leading contender to manage Landsec, a shareholder of Bluewater.
The FTSE-100 property giant Land Securities Group is planning to appoint one of Britain’s most renowned board members as its next chairman.
Sir Ian Cheshire, the chairman of Channel 4, and Spire, the private hospital operator, has emerged as the top candidate to succeed Cressida Hogg as Landsec’s chairman.
People familiar with the process claimed an appointment was anticipated as soon as this month.
Landsec owns over 50% of Bluewater, the enormous shopping area in Kent. Also the iconic Piccadilly Lights advertising screens at Piccadilly Circus in downtown London. And stretches of commercial property in the West End and City.
Sir Ian would be a sensible option to chair one of the UK’s top commercial landlords, having overseen major stores during his executive career, including Kingfisher, the owner of DIY brand B&Q.
He also chaired the department store group Debenhams until Mike Ashley. The high street magnate whose Sports Direct International was the company’s largest shareholder, forced him out.
His past boardroom duties have included chairing Barclays UK, a non-executive directorship at Whitbread. The hotels and restaurants operator, and serving as the government’s lead independent director.
Sir Ian became chairman of Channel 4 nine months ago and has been intimately involved in the broadcaster’s discussions with the government concerning its now-abandoned privatization.
Channel 4’s Cheshire is Land Securities’ next chairman
The search for Ms. Hogg’s replacement has been led by Edward Bonham-Carter, the former head of fund management at Jupiter. Who currently serves as Landsec’s senior independent director.
Ms. Hogg is departing to become the chairperson of BAE Systems, the largest defense contractor in the United Kingdom.
Sir Ian, who is also a non-executive director of BT Group, may choose to resign from one or more of his other boardroom positions if his appointment at Landsec is approved, according to a source.
Under Mark Allan, its chief executive since 2020, the commercial landlord has expedited the reconfiguration of its portfolio. As the impact of the Covid-19 outbreak finds itself felt throughout the business.
Rising interest rates have also had an effect, with Landsec reporting a pre-tax loss of £192 million for the six months to September last fall.
In September, it announced the £800m sale of a City development pre-let to Deutsche Bank.
It has also made several purchases in recent years. Including the purchase of an additional 25% share in Bluewater for £172 million in December 2021.
The company now has a market capitalization of £5.2bn, as its shares have decreased by just over 10% over the past year.
Its fellow FTSE-100 property business, British Land, has performed worse over the same period. With its stock 20% lower than a year ago and a market value of barely £4bn.
Capco and Shaftesbury, the proprietors of large portions of the West End. Including Covent Garden, and rival commercial landlords announced a merger in 2017.
The deal is currently under investigation by competition regulators.
Saturday, a spokesperson for Landsec declined to comment.
