Edinburgh-based upmarket home builder Cala Group (Holdings) Ltd announced the appointment of Michael Rice as chief financial officer (CFO).
Rice was most recently CFO of Irish homebuilder Glenveagh Properties. Neil Stoddart, who has been finance director at Cala since 2018, has retired.
At Glenveagh Properties, Rice oversaw two successful stock market fundraisings and supported the company’s transition from a private entity to a publicly listed company.
Cala Group was acquired last year from Legal & General Group Plc by investment firm Sixth Street Partners and Patron Capital, a pan-European institutional investor focused on property-backed investments.
The sale had an enterprise value of about £1.35 billion.
“Michael brings a wealth of financial and strategic expertise to Cala, with a strong track record in both leading finance teams in growing organisations and the homebuilding sector,” said Cala Group.
“He began his career at KPMG in Ireland before moving into industry, most notably when he was appointed Group Financial Controller at Kingspan Group plc in 2015 and playing a key role in all financial aspects of its growth strategy.
“Most recently Michael was CFO of Irish homebuilder Glenveagh Properties plc, which he joined in 2017. During his tenure, he oversaw two successful stock market fundraisings and supported the company’s transition from a private entity to a publicly listed company.
“Under his financial leadership, Glenveagh grew from a start-up with around 50 employees to a major player in the Irish housing market, employing approximately 650 people and generating €900 million in revenue in 2024.”
Cala Group CEO Kevin Whitaker said: “Michael’s experience in homebuilding, combined with his strategic and corporate finance expertise, makes him an excellent fit for Cala as we work to achieve our ambition of delivering over 4,000 homes annually by 2029.
“I am delighted to welcome him to the team and look forward to the contribution he will make to our business.”
Rice said: “I’m thrilled to be joining Cala at such an exciting time in its journey. The company has a strong reputation for quality and integrity, and I’m looking forward to working with the leadership team to help shape and deliver the next phase of growth and strategic priorities.
“With the backing of Sixth Street and Patron Capital, Cala is well-positioned to build on its success and continue providing exceptional homes across the UK.”