Pidgley steps down as Berkeley boss

Berkeley managing director Tony Pidgley is 'moving upstairs' to become chair of the house builder group.

His replacement will be Berkeley’s current finance director Rob Perrins. Current chair Victoria Mitchell will become deputy chair.

Meanwhile, Berkeley's latest results for the year to April show a fall in pre-tax profit of 38%, from £194.3m last year to £120.4m.

Revenue was also down sharply, from £991.5m to £702.2m.  

Cash held on forward sales was £619.8m compared to £1.2bn last year.

The house builder said it would not be making any write-downs on the value of its land bank.

Pidgley, who founded Berkeley and has been its managing director for 33 years, is renowned in the industry for correctly calling the fluctuations of the housing market.