Justin Bickle has quit his job as chief executive of starter home builder Glenveagh Properties plc .

Bickle (pictured) was one of the founders of Glenveagh in 2017. His resignation as chief executive and board member is effective immediately, and he said he would be returning to his home country England.

Co-founder and chief operating officer Stephen Garvey will step into the chief executive role, while the board will be strengthened by the addition of two non-executive directors, Pat McCann of Dalata Hotels and Cara Ryan.

Bickle, a ballet enthusiast, said: “It has been a pleasure to lead Glenveagh from its first days as a private company in August 2017, through our successful IPO, and during its first two years. Together, Stephen, John and I have built the company into a leading Irish homebuilder and one with strong foundations.

“Now that the company is executing so effectively on its business plan and strategy, the timing is right for Stephen to lead the business and for me to return home. 

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“During the past two years we have raised and deployed over €700m of institutional capital to produce an attractive development land portfolio for building houses and apartments. We have also invested significantly in our organisation, people and systems to create best in class land acquisition, planning, construction, sales, marketing, finance and investor relations teams.”

Stephen Garvey stated: “Glenveagh is in a great position, with a clear strategy and can continue to capitalise on the opportunities in front of it. I am honoured to take the helm and lead this first-rate team as we continue to deliver for all stakeholders for many years to come.”

Glenveagh says it is now selling from 13 sites, with 800 dwelling units sold, signed or reserved, and expects to deliver its planned target for the year of 725 units. Existing open sites in its land bank are capable of accommodating more than 4,000 homes.

The company has  reported gross profit of €7.5m for the first half of 2019 and a net loss after tax of €3.5m. Net debt was €42m on June 30, compared to net cash of €131m six months earlier, reflecting both the growth in construction during the period and the company’s continued investment in land acquisitions, including about €106m in the six months.

The company said it has inventory of €903m, including €710m in land which can accommodate 13,350 units and a €193m investment in work-in-progress.