- Bhavesh Mistry has been British Land’s chief financial officer since July 2021.
- He previously held management positions at Whitbread, Virgin Media and Anheuser-Busch.
British Land’s finance chief will resign next year to take up the same role at B&Q and Screwfix owner Kingfisher.
Bhavesh Mistry has been British Land’s chief financial officer since July 2021, during which time the property development company has moved its portfolio from shopping centers to retail parks and urban logistics.
Before that, he was deputy finance director at Tesco and held senior roles at hotel group Whitbread, Virgin Media and Budweiser producer Anheuser-Busch.
Work on the move: Bhavesh Mistry has been British Land’s CFO since July 2021
Mistry will replace Bernard Bot, who, according to Kingfisher, intends to retire “no earlier than January 2025” to pursue a non-executive career.
Bot originally joined Kingfisher in October 2019, just before the Covid-19 pandemic saw the business enjoy a surge in trade as onerous restrictions on socializing led to people spending more time in home.
In addition, it benefited from an accumulation of excess savings and the desire of many Europeans to live in larger properties.
However, trading has slowed significantly over the past three years as interest rate increases and cost of living pressures have reduced consumer incomes and slowed housing market activity.
In the 12 months to January, Kingfisher’s profits fell by around a quarter to £568.1 million, partly due to lower sales in France and Poland.
The FTSE 100 company was also hit by bad weather, weaker demand for essential and expensive items, and higher wage and energy costs.
However, income remained well above pre-pandemic levels and could expand healthily next year if the Bank of England cuts interest rates, as analysts expect.
Thierry Garnier, chief executive of Kingfisher, said Bot “helped us become a more agile and productive company, reducing costs and unlocking efficiencies, while investing for growth and generating attractive returns for shareholders.”
Regarding Mistry, Garnier said he has “deep experience in finance and retail, combined with a strategic mindset and an excellent delivery track record.”
Mistry’s departure from British Land comes just after the group agreed to sell its 50 per cent stake in Sheffield’s Meadowhall shopping center to Norway’s sovereign wealth fund for £360m.
The FTSE 250 firm said the proceeds from the sale will be used for “general corporate purposes” such as investment in retail parks.
British Land said Mistry has a 12-month notice period and a date for his departure will be agreed in due course while a new finance director is searched.
Mistry commented: ‘I am very pleased to be joining a dynamic international retailer with a clear strategy and compelling growth opportunities.
“The pace of change at Kingfisher in recent years has been impressive and I look forward to working with their talented teams to build on this momentum and make the most of the many opportunities ahead.”
kingfisher actions rose 0.8 percent to 250.6 pence on Monday morning, while British land shares They were down 0.3 percent at 425.4 pence.