Spring announces leadership reshuffle as it targets £100m of acquisitions and sales in 2023.

Today, we are pleased to announce to all our partners and customers a new era for the Spring executive team and setting out our goals for 2023, following the successful completion of £75m of property acquisitions in 2022.

Spring, which works both direct-to-consumer as a property purchaser, and B2B to help unlock sales for partners, is targeting £100m in acquisitions in 2023.

Current CEO and co-founder Cormac Henderson will take on a new role as Executive Chairman, while co-founder and CIO Shane Miller-Bourke and COO Samar Shaheryar will become Co-CEOs, focusing on taking the business to the next level in terms of ‘operational excellence, increased profitability and efficiency’, including a significant investment in new technology. Cormac will continue to contribute to the company vision and focus on strategic projects and new business, in particular B2B partnerships with leading estate agents, developers and retirement living operators.

Initially founded by Cormac in 2007 as National Property Trade, the company enjoyed significant growth as part of a nascent sector, before rebranding to Spring in November 2020 following a successful fundraise. The consumer operation has continued to grow, providing home sellers with speed, certainty and confidence, while the B2B operation has partners including Countrywide Land & New Homes, Sequence Land & New Homes, developers Antler Homes, Duchy Homes, and later living operators McCarthy & Stone, Churchill Retirement Living and Retirement Villages Group.

Cormac Henderson, Executive Chairman, comments: “I am incredibly proud of what we have achieved together but it’s time to step aside as CEO so the business can continue to flourish and achieve its next set of goals under the extremely talented co-leadership of my colleagues, who I will continue to support and challenge. Samar and Shane have the combined skill set to take us forward with a relentless focus on productivity, collective goal setting, cost management, operating execution, and trading ingenuity.”

In a joint statement, Co-CEOs Samar Shaheryar and Shane Miller-Bourke, comment:

“We have built a strong national brand and shown the market that there is another way to sell your home, making it radically easier for people to move. As we move to the next phase of growth for Spring, we intend to lead with three core principles, all underpinned with a focus on technology; creating easy and fast customer journeys, cultivating a thriving and happy team and encouraging the diversity of thought we know leads to the innovation the industry needs.

This is a positive and exciting change for Spring, one which will, in turn, help to enhance our business and relationships with all our valued customers. We thank you for your continued support and we look forward to the year ahead.

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