Land securities inquest on £4.8bn loss
Directors at property group Land Securities have launched a review of its strategy after the company announced a record full-year loss of £4.8 billion earlier this month.
It is believed the group’s new chairwoman Alison Carnwath is “testing” the group’s strategy to decide whether a change of direction is needed as the commercial property slump shows no signs of abating.
But Land Securities played down reports that she has given chief executive Francis Salway a six-month ultimatum to instigate a radical restructuring of the group or face the sack.
A spokesman said the board was engaged in “active discussions over strategy”. He added: “It is what good boards do.”
Land Securities made the record loss on write-downs against the value of its property, which includes the famous Piccadilly Lights advertising screens in London.