U.K. property portal OnTheMarket.com has announced the appointment of Chris Bell to its Board of Directors as Non-Executive Chairman. with immediate effect as the Company prepares for its proposed Placing and IPO on AIM.
Chris Bell has considerable plc board experience across a range of sectors. He has, since 2015, been Senior Independent Director for The Rank Group Plc, where he also serves on both the Audit Committee and the Nominations Committee. He is Non-Executive Chairman of two AIM-listed companies, XL Media plc and TechFinancials, both of which he took to market and at both of which he serves on key governance Committees. He is also a Non-Executive Director at AIM-listed Gaming Realms plc.
OnTheMarket CEO, Ian Springett, welcomed Bell's appointment.
"I warmly welcome Chris's appointment to chair the Board of OnTheMarket. He brings a wealth of listed company experience in running and chairing both consumer-facing and business-to-business organisations and he has a particular track record with growing businesses. I have no doubt that his contribution will further strengthen the company and I look forward to working with him as we build our business and deliver our long-term strategy."
Mr Bell joined Ladbroke Group plc in 1991, becoming Managing Director of its Racing Division in 1995. In 2000, he became Chief Executive of Ladbrokes Worldwide and joined the Board of the rebranded Hilton Group plc, becoming Chief Executive of Ladbrokes plc, following the sale of the Hilton International Hotel division, until 2010. He has also served as Non-Executive Director at Spirit Pub Company plc (from 2011 to 2015) and as Senior Independent Director at Quintain Estates and Development plc (from 2010 to 2015). Prior to joining Ladbrokes plc (formerly Hilton Group plc and Ladbrokes Group plc), Mr. Bell held senior marketing positions at Allied Lyons plc.
The appointment of Mr Bell comes as OTM prepares for its IPO, which it announced on August 4. The company will seek to offer a minority stake to investors as part of a proposed IPO on AIM. The objective is to raise approximately £50 million of new equity capital which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider.
Commenting on his appointment as Non-Executive Chairman, Chris Bell said:
"It is with great pleasure that I accept the role of Chairman of OnTheMarket at this exciting time in its development. I'm impressed by the quality of the executive team and by the business model and I look forward to guiding and supporting the Board in navigating the IPO process, in raising external capital and in implementing its ambitious growth strategy in the interests of property advertisers, consumers and shareholders alike."