Peter Beckwith, LET's chairman, is to leave the group immediately, though his brother John, who has been based in Brussels, is to remain as a consultant on some of LET's property projects in France and Spain.
The group, which was taken over by the Swedish property group SPP for pounds 500m in 1990, made a loss of pounds 138m in the year to 31 December. At the time the results were announced Peter Beckwith said that 1992 would be a year of consolidation.
Within the property world it was expected that the Beckwiths would soon be leaving the company. Their contracts were up for renewal in May next year.
A spokesman for SPP said the parting had been amicable and that the brothers would be likely to receive some form of compensation, but he could not say how much.Reuse content