Head of British Land set to step down

It was all change at the developer British Land yesterday after Chris Gibson-Smith quit as chairman.

The company said Mr Gibson-Smith, who has been in the role for six years, will stand down at the end of the year. He will be replaced by the City veteran John Gildersleeve.

The reshuffle was announced as British Land posted first-half numbers that showed net rental income rose 2 per cent to £142m against a year earlier.

Mr Gibson-Smith said: "I have had a fascinating 10-year journey with British Land, and the last six years as chairman have been deeply rewarding."