Shake-up at Tay Homes

TAY HOMES, the house-builder, yesterday announced a wholesale shake- up in its boardroom as it announced disappointing results that saw its shares slide over 7 per cent to 111.5p. John Maunders, the self-made founder of John Maunders plc, which was sold to Westbury last year, will replace Norman Stubbs as chairman, bringing with him William Bannister, a former colleague, as chief executive.

The group, which saw profits fall last year from pounds 4.2m to pounds 1.1m, will also appoint Richard Tice, chief executive of Sunley Group, Tay's biggest shareholder, as a non-executive director.