Osborne said that it was selling Coventry-based Innovaré Systems, which manufactures structural insulated panels (SIPs), to focus on its core business.
The sale of the business has prompted the departure of chief executive Mark Hoyland after just a few weeks in the job. He joined the company only last month from social housing developer Orbit, where he had been chief executive for six years. His appointment to Osborne had not even been filed at Companies House yet.
Dave Smith, a former Wates Group chief operating officer and McLaren Construction managing director, had been interim chief executive of Osborne since Andy Steele stepped down in November 2021 up until Hoyland's arrival. He now returns to the role of chief executive, except now on a permanent basis.
Mark Hoyland has been engaged by the board as an adviser. Peter Duff has been appointed joint chief operating officer and chief financial officer.
The disposal of Innovaré follows the sale of its civil engineering business to Sullivan Street Partners in September 2021. Osborne Infrastructure was subsequently renamed Octavius Infrastructure.
In the year to 30th September 2021, Innovaré Systems turned over £11.6m and made a loss of £592,000 before tax. That year’s accounts – the latest available – reported that the business was dependent on its ultimate parent company, Rosewood Group Holdings, to meet its financial obligations.
Chairman Andrew Osborne said: “Today’s strategic changes will ensure our core business can be successful in the years ahead. Like everyone in the construction sector, we have seen challenges in recent months but we are well placed to continue and build upon our proud track record of delivery for customers.
“Everyone at Osborne is proud of Innovaré’s growth to date and I know the company will continue to thrive under its new ownership.
Dave Smith added: “I am delighted to take on this role, which is focussed on empowering the managing directors of each part of the Osborne family. They are the key business leaders who will drive the company forward.”
Mark Hoyland added: “Following a strategic review at the Osborne Group’s business by the board and the decision to sell Innovaré, I am looking forward to providing strategic support to the board and wish Dave every success.”
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