One of the industry’s best known and most respected figures, Peter Rollings, Marsh & Parsons chief executive officer, has decided to retire from his current role.
His successor, David Brown, takes over today at the LSL-owned firm. For the next two years, Rollings will be a ‘brand ambassador’ for the firm he has headed so successfully.
Rollings, 53, who does not leave empty handed, dropped a hint that in due course he could return to the industry.
He said: “This was not a decision I have taken lightly.
“However I have been CEO for 17 years straight and frankly I want to step out of the fast lane and be on cruise control for a while, to take time out with my family and recharge my batteries before taking up any fresh challenge.
“Marsh & Parsons is in great shape and I am leaving the business on a high, confident that the management team can continue to even greater things.”
Rollings leaves his role with a payment of £5.6m to be made in July, followed by a further £2m in two years’ time, subject to certain conditions.
The payouts relate to the sale of Marsh & Parsons to LSL for £50m in 2011, valuing the 23 % stake held by Rollings at £11.5m.
The payment of a large chunk of this was deferred, but Rollings will now cash in
Rollins said he had been “fortunate” to grow the business to be one of London’s leading estate agencies.
He said: “The business is very well positioned for further growth and I am delighted to be able to continue to work with the Marsh & Parsons and LSL teams as a brand ambassador for the next two years.”
Rollings was formerly managing director at Foxtons, alongside then owner Jon Hunt.
However, he was never given any equity stake in the company and eventually left in 2005 – without a pay-off or even a ‘no compete’ restriction.
He went on to purchase, with the backing of Irish estate agency group Sherry FitzGerald, Marsh & Parsons – a London firm with a solid but at that time rather staid reputation.
Sherry FitzGerald was forced to put Marsh & Parsons up for sale amid the collapse of the Irish housing market, and Marsh & Parsons was sold into the corporate hands of LSL for £52m.
Ian Crabb, group CEO of LSL, said: “Peter, since his appointment as CEO of Marsh & Parsons in 2005, has made a substantial contribution to the growth of the business and, since LSL’s acquisition of Marsh & Parsons in 2011, Peter has successfully expanded the business, the team and its iconic brand across London, including increasing the number of branches from 13 to 25.
“On behalf of the LSL Board, I would like to take this opportunity to thank Peter for his substantial contribution to Marsh & Parsons.”
LSL has appointed David Brown as CEO of Marsh & Parsons with effect from today. Brown has 32 years’ experience in all areas of the property industry and has been with LSL for 24 years. Brown started and ran LSL’s Corporate Services Division between 2008 and 2014.
Since 2014, Brown has run LSLi which comprises nine estate agency businesses with 58 offices in London and south east England.
This morning, LSL told the City that when LSL acquired Marsh & Parsons in 2011 Rollings as a management shareholder was incentivised to stay and continue to grow the business by the investment in Growth Shares and the receipt of a loan note (2011 Loan Note).
Marsh & Parsons’ articles of association includes an option, which Rolling has exercised and which results in the transfer of his Growth Shares to LSL. The exercise also results in the redemption of the 2011 loan note.
In consideration of Rollings’s retirement and his ongoing role as a brand ambassador for the group, the parties have agreed a variation to the 2011 Loan Note, pursuant to which Rolling will receive the total principal amount of the 2011 Loan Note and a reduced rate of interest. An initial payment of £5,573,981 is being deferred to July 2016 and a final payment of £2m, consisting of a deferred amount of interest, is payable in March 2018, subject to certain conditions being satisfied.
The statement adds that Rollings is a related party of LSL under the Listing Rules and, as such, the variation of the 2011 loan note is a related party transaction, which falls within the provisions of Listing Rule LR 11.1.10R.
Comments (8)
Never had the pleasure of meeting the chap; doubt I ever will – but he’s obviously been doing most, if not all, of what he does, right.
The ‘Dislikes’ further confirm that, I reckon.
Good luck, Mr Rollings, in your next two years’ role – and whatever the future will bring.
There are many who could – and should – learn from you.
That said – you could’ve at least tucked yourself in for the photo!
;o)
This is a great loss to the industry, Peter is a “one off” and one of the nicest people I have had the pleasure dealing with.
Good Luck Peter and congratulations on all you have achieved.
Peter will be sorely missed and a hard act to follow. I was fortunate enough to work with him and Beth in the early days of their takeover at M&P, and have not met an agent since who ‘gets’ the importance of ‘developing depth in your brand’ more than he does.
On the wall in his office was a quote which all business people should try to abide by:
People won’t remember what you said.
They might not even remember what you did.
But they will remember how you made them feel.
Good luck Peter in whatever you do next, and good luck especially to those left behind!
I remember exactly where I was when Kenny Dalglish resigned, eating a steak bake from Greggs in Leamington Spa.
This time the Crazy Cow cafe eating a bacon sarnie.
Different foods but the shock is still the same, has been synonymous with the best that M&P and indeed the industry has been known for.
I consider myself lucky to have been labelled a ‘buffoon’ by him on more than one occasion, normally when i disagreed with him which was rarely, but it was always delivered with the normal panache.
I like many others will miss him.
Good luck Peter – well deserved. You have been an inspiration and I am grateful for all the advice you have given me – some of it was even useful. 😉 I know of no better example of how to run a business and build a team. (I think I have quoted you correctly)
Peter had been pretty absent from the front line for the last 2 years… Lovingly known as the most tanned man in property. Good luck to him. Not surprising news at all.
Probably the very best of the best. Peter has always had my utmost admiration as the ultimate cage-rattling leader in the field. Inspirational – and I wish him every success for the future.