Stephen Minion, one of the original directors and shareholders of the health and care facility developer, has departed with immediate effect as the company looks to raise funds for three extra care schemes.
Outside of his Ashley House interests, Minion is also chairman and major shareholder in Invescare Limited, a company that has an outstanding loan to Ashley House.
Last month the Ashley House was hit by legal delays on the three schemes that it was trying to complete before the June financial year end.
Following the announcement by the company last week that the three schemes have still not reached financial close, Minion was advised that conflicts of interest may arise in connection with certain funding solutions being examined and that these potential conflicts are best avoided by his resignation from the Ashley House board.
“Stephen continues to be a shareholder in Ashley House, he remains fully supportive and will continue to work with the company as a shareholder and through its relationship with Invescare, Wildlife Group and Partnering Health,” the company said.
Wildlife Group, where Minion is chairman and a shareholder, is a potential customer of the F1 Modular business, and Partnering Health, where he is also chairman and shareholder, runs the Hampshire Doctors on Call out of hours service and where Ashley House has a 33.3% stake.
Said Minion: “Clearly I am disappointed to have to step down but the various potential conflicts I have make this the best course of action to preserve good governance.”