Cala Group ushers in a new era with CFO appointment to spearhead growth post-acquisition

The homebuilder has hired Michael Rice as CFO, with the move following its acquisition by global investment firms Sixth Street and Patron Capital in October 2024.

Rice brings experience in both finance and the homebuilding sector, from the likes of not only Glenveagh Properties, where he led financial operations during the company’s transition to a publicly listed entity, but also as group financial controller at Kingspan Group and KPMG in Ireland where he began his career.

Most notably, his leadership at Glenveagh contributed to significant growth, scaling the firm from 50 employees to 650 during his nearly eight years tenure, with the firm generating £780 million in revenue in 2024.

Kevin Whitaker, chief executive officer at Cala, welcomed Rice’s strategic expertise, noting his crucial role in Cala’s ambition to deliver more than 4,000 homes annually by 2029, and grow its operations across Scotland, the South of England, and the west Midlands.

Rice added: “I’m thrilled to be joining Cala at such an exciting time in its journey. I’m looking forward to working with the leadership team to help shape and deliver the next phase of growth and strategic priorities.

“With the backing of Sixth Street and Patron Capital, Cala is well-positioned to build on its success and continue providing exceptional homes across the UK.”

His appointment follows the retirement of former CFO, Neil Stoddart.

In 2024, Cala Group sold 2,861 homes, resulting in a turnover of £1.1 billion and a pre-tax profit of £78 million.

It employs over 1,300 people across 10 offices and has around 80 live developments at any one time.

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