Affordable homeownership developer shakes up top team

He brings more than 20 years of industry experience, including working as chief financial officer at One Housing and as group finance director at Circle Housing Group and Paragon Community Housing Group (now part of Riverside, Clarion, and PA Housing respectively).

Mr Rickard has also previously served on the board and as chair of the remuneration committee at Birmingham-based landlord Family Housing Association.

He is also currently chair of Qualis Flow, an environmental, social and governance company working to decarbonise and digitise construction in the UK and US.

Mr Vlessing said: “I am immensely proud that over 20 years Pocket Living has created 1,500 affordable homes for the people who underpin our society and drive London forward.

“We have been a disruptor that has informed thinking on housing not only in our capital but in cities around the world and we have shown the way in what can be achieved through engaged and open public-private partnership.

“However, after two decades building Pocket, now is the time for me to take a more strategic role, and for Paul to take the company to the next level.

“As Pocket evolves and responds to the changing London market, it will need to develop a more diverse range of products and we have made a good start on that with a rental scheme we recently delivered at Kings Cross.”

Mr Rickard said: “I have immensely enjoyed my first five years working with the many talented individuals at Pocket, and together with them, I look forward to continuing to fly the flag which Marc hoisted so successfully for innovative forms of affordable housing in London of all tenures.

“With 1,000 homes in Pocket’s development pipeline, and in a market which continues to be demanding, my focus will be on delivery and resilience, working with our public sector partners to deliver more affordable homes.”

Related Companies, a developer-owner-operator, invested in Pocket Living in 2016 and subsequently acquired a controlling shareholding.

Ken Wong, chief operating officer and director of international development at Related Companies, said: “For two decades, Marc has been a clarion voice for providing quality homes for London’s first-time homebuyers.

“We thank him for all his contributions to the company and the industry. We’ve worked very closely with Paul in his former role and are delighted to face the future with him at the helm.”

Pocket’s current development pipeline includes projects in the London boroughs of Greenwich and Harrow.

The house builder has completed developments in Barking and Dagenham, Barnet, Camden, Croydon, Hackney, Haringey, Harrow, Kingston, Lambeth, Lewisham, Redbridge, Waltham Forest and Westminster.