Boss of London-based for-profit exits with talk of ‘new chapter’

St Arthur Homes, which currently has 329 shared ownership homes across the South East of England, became a for-profit provider of social housing in February 2013 after initially being incorporated as a company in 2006. 

It acquires homes through Section 106 agreements and converting private homes to shared ownership. 

In late 2020, the firm announced an ambition to deliver around 2,000 shared ownership homes over five years after getting financial backing from European investment firm ESO Capital. It secured an extra £16m in funding in December 2022. 

Costa Ghioules, who has been St Arthur’s chief financial officer since 2020, has taken over as acting chief executive following Mr Cohen’s exit. 

In an emailed statement to Social Housing, he said: “Many thanks to Richard and we wish him well in his future ventures.”

The company’s controlling shareholder is a firm called St Arthur Topco Limited, which is owned by Mr Cohen and a Luxembourg-based entity called Stah S.C.Sp., according to latest Companies House records. 

Mr Cohen’s post on LinkedIn suggested that he is embarking on a new project in the housing sector. “This is not a goodbye but the prelude to an exciting new chapter,” he wrote. 

“I’m thrilled to stay within the housing sector, collaborating with remarkable individuals to deliver housing solutions to those in need and make a significant impact.”

Richard Hunt, a non-executive director and investor at St Arthur, has also left, according to Companies House records. 

In its most recent accounts filed at Companies House, covering the 12 months to the end of December 2022, St Arthur Homes reported a drop in profit to £2.4m off revenue of £15.1m. This compared to a restated profit of £3.2m the previous year off revenue of £7.5m.